We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • The US Dollar may be at risk to losses against some of its #ASEAN counterparts. USD/SGD, USD/PHP, USD/MYR and USD/IDR have recently broken to the downside. Will losses continue? Find out from @ddubrovskyFX here: https://t.co/0RTlj6maTT https://t.co/UyQ4i0AihI
  • The British Pound technical outlook still seems to favor the downside. GBP/CAD may pressure key rising support from August as GBP/AUD could prolong its downtrend. GBP/CHF may fall. Get your $GBP market update from @ddubrovskyFX here: https://t.co/hBOpDKXmfW https://t.co/AJlT2YKeCu
  • USD/JPY is approaching medium-term uptrend resistance and while the outlook remains constructive, the advance may be vulnerable near-term while below confluence resistance. Get your $USDJPY technical analysis from @MBForex here: https://t.co/93D7AyhHtG https://t.co/KQcLLrkMP3
  • AUD/USD has had the most impressive show of trend over the past couple of months with the pair gaining almost 1500 pips from the March low. Get your $AUDUSD technical analysis from @JStanleyFX here: https://t.co/vLz4Rpln3u https://t.co/AOwnJja5V8
  • Has the #Euro been saved? Find out from @CVecchioFX here: https://t.co/eiXfOTyGa6 https://t.co/AyRiYpb4cN
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/ygwjGNvS61
  • The $USD, Euro, British Pound and Australian Dollar will all be at the mercy of political developments in Asia, Europe and North America this week. An avalanche of PMI data will set the backdrop. Find out from @ZabelinDimitri here: https://t.co/L8cfAgVx94 https://t.co/THWhPAS6AM
  • The price of #gold plunged 1% immediately after the stunning US jobs report crossed the wires. Get your market update from @RichDvorakFX here: https://t.co/8i0L6YIqjy https://t.co/y9dIXazJf9
  • S&P 500, Dow Jones, Nasdaq explode higher with stocks surging in response to shockingly better-than-expected monthly jobs data. Get your #equities market update from @RichDvorakFX here: https://t.co/nuMVWOzzuC https://t.co/M3nGBjd7kZ
  • The record-breaking NFPs increase behind us and the FOMC rate decision on Wednesday sets the tone for my trading video: 'Dow Soars Above 200-Day Average on NFPs, Will the #Fed Keep the Dollar Sliding' https://www.dailyfx.com/forex/video/daily_news_report/2020/06/06/Dow-Soars-Above-200-Day-Average-on-NFPs-Will-the-Fed-Keep-the-Dollar-Sliding.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/kquvec5HVc
Miss Drops USD/JPY but Claims Monthly Average Lowest Since 2007

Miss Drops USD/JPY but Claims Monthly Average Lowest Since 2007

2013-08-22 13:10:00
Christopher Vecchio, CFA, Senior Strategist
Share:

THE TAKEAWAY: Initial Jobless Claims miss, suggesting that labor market remains in a cautiously improving state > Four-week claims average drops to 330.5K, lowest level since November 2007 > Firms may not be hiring, but firings remain at a low rate > USDJPY BEARISH

The first important data this week for the US economy has come across mixed, and the US Dollar is selling off as a result. Overall, the US Dollar remains a top performer following the July FOMC Minutes, but is seeing an intraday patch of softness amid the miss on the headline claims numbers.

Here are the data provoking the pullback in the buck:

- Initial Jobless Claims (AUG 17): 336K versus 330K expected, from 323K (revised higher from 320K)

- Continuing Claims (AUG 10): 2999K versus 2963K expected, from 2970K (revised higher from 2969K)

With the data missing the headline prints, the US Dollar has come off a bit but the losses have been insulated given improvement in the monthly tracking metrics. The four-week/monthly Initial Jobless Claims average dropped to 330.5K, the lowest level of 2013 and the lowest since November 2007. Accordingly, with signs that the labor market is healing back to pre-2008 crisis levels, the buck has held up well.

Read more: Global Growth Fears Quelled After Chinese, Euro-Zone PMIs; AUD on Top

USDJPY 1-minute Chart: August 22, 2013

Miss_Drops_USDJPY_but_Claims_Monthly_Average_Lowest_Since_2007_body_Picture_1.png, Miss Drops USD/JPY but Claims Monthly Average Lowest Since 2007

Charts Created using Marketscopeprepared by Christopher Vecchio

Following the data, the USDJPY slipped from ¥98.65 (just off the session high set at 98.80) to as low as 98.39, but at the time this report was written, the pair had rebounded to 98.46. Senior Technical Strategist Jamie Saettele noted in the DailyFX Real Time News feed earlier that the USDJPY is showing signs of basing and looks to be bought on dips.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

To be added to Christopher’s e-mail distribution list, please fill out this form

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

DISCLOSURES

News & Analysis at your fingertips.