Job Openings Exuberance Helps US Dollar Erase Confidence Related Losses
- University of Michigan Confidence disappoints expectations
- JOLTs job openings at the highest in 5-years
- USD/JPY erases earlier losses
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The US Dollar pushed to the top and bottom of a 15-point range against the Japanese Yen, as the release of disappointing consumer confidence pushed the greenback lower, and then those losses were erased on US job openings reported at a 5-year high.
The University of Michigan Confidence survey for January (preliminary) was reported at 80.4 in January, disappointing expectations for a rise to 83.5 from 82.5 in December. The economic conditions survey result fell to 95.2 from 98.6 in December, while the outlook survey fell to 70.9 in January from 72.1.
JOLTs job openings for November was reported by the Labor Department at at 4001, beating expectations for 3930 and up from a revised 3931 in October. The improved job openings data should be particularly important for the Fed’s decision on how much further to taper monthly asset purchases in the coming months, which is why the dollar losses on the confidence release were erased on the employment data.
At the time of this writing, USD/JPY has yet to break through a daily low at 104.19. The December 13th high at 103.92 may again provide support for the pair.
USD/JPY 1-Minute: January 17, 2014
Chart created by Benjamin Spier using Marketscope 2.0
-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to firstname.lastname@example.org .
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.