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USDJPY Surges As Private Hiring Rises More Than Expected in August

USDJPY Surges As Private Hiring Rises More Than Expected in August

Tzu-Wen Chen, Technical Strategist

THE TAKEAWAY: [U.S. companies added more workers than expected in August] > [Pickup in hiring positive for wage growth and spending] > [USDJPY bullish]

Companies in the U.S. added significantly more workers than anticipated in August, signaling a pickup in the labor market. A report released today by ADP Employer Services showed that private employment increased by 201,000 in August, the biggest monthly gain since March. The print for August follows a revised 173,000 gain in July that was above an initial estimate of 163,000 jobs. The median estimate of 41 economists surveyed by Bloomberg News had projected an advance of 140,000.

The number of Americans filing jobless claims for the first time fell last week, adding to signs of an improving labor market. New claims declined to 365,000 last week, following 377,000 claims filed the prior week.

The leap in employment is an encouraging sign for the economy. A pickup in hiring is needed to generate wage growth that would spur consumer spending, which accounts for about 70 percent of the U.S. economy.

USDJPY 1-minute Chart: September 6, 2012

USDJPY_Surges_As_Private_Hiring_Rises_More_Than_Expected_in_August___body_Picture_1.png, USDJPY Surges As Private Hiring Rises More Than Expected in August

Chart created using Market Scope – Prepared by Tzu-Wen Chen

In the minutes after release of the ADP report, the U.S. dollar surged against the yen, as the better-than-expected rise in employment helps curb speculation for further monetary easing by the Federal Reserve. At the time this report was written, the USDJPY continued to trade higher at 78.70 yen.

--- Written by Tzu-Wen Chen, DailyFX Research

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.