Forex News: USD/JPY Surges to New Highs as November NFPs Beat Big
It seems that the concerns over the potential impact Hurricane Sandy may have had on the US labor market were overblown. The US labor market added +146K jobs in November, well-above the +85K forecasted by economists polled by Bloomberg News. Private Payrolls accounted for nearly the entire gain at +147K, a welcomed development. But the Nonfarm Payrolls report was not roundly strong: the October figure was revised lower from +171K to +138K. If Hurricane Sandy’s impact was seen anywhere, it may have best been reflected in the Unemployment Rate, which dropped to 7.7% from 7.9% amid a declining participation rate, which remains at multi-decade lows.
USD/JPY 1-minute Chart: December 7, 2012
Charts Created using Marketscope – Prepared by Christopher Vecchio
Following the releases, the USD/JPY rallied from 82.28 to as high as 82.82 within 15-minutes of the release. The pair did pullback, however, and was trading at 82.64, at the time this report was written.
--- Written by Christopher Vecchio, Currency Analyst
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