December 7, 2022

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The US dollar has moved lower after the not so scary jobs report

2 min read

Some good and bad in the US jobs report

The US jobs report at some good and bad as a result, things like the stock market is up.  Yields remain lower (they were lower coming into the day). The USD is moving lower after initial move to the upside.
A quick look a the major pairs:

  • EURUSD. The EURUSD initially moved to a new low at 1.18065. However it has since bounced back and traded higher on the day to a high of 1.1925. The price is back down lower on the day and near the low price from yesterday’s trade near 1.1837. Holding that level would keep buyers happy. A move below could see more downside (but remember the markets are still volatile and digesting the data).
  • USDJPY: The USDJPY spite higher to 111.59, but is back down trading at 111.384. The price was trade around 111.45 just prior to the release.  The pair did move to a new intraday low of 111.31 on the move back to the downside. It closed at 111.516 yesterday so it remains lower on the day, but still higher on the week. The last two days have seen a sharp rise to the upside. The 38.2% retracement of the move up comes in at 111.179. With the current price trading at 111.41, the pair still remains well above that retracement level. That would be the next target on further dollar selling.  The high area from June at 111.10-11 level is also a key level on the downside which would be a key barometer for buyers and sellers going forward. 

USDJPY on the hourly chart
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