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May 25, 2013 -- Updated March 08, 2013 19:28 HKT

CURRENCIES: USD Up Ahead of US Jobs Data


paul@livetradingnews.com
Posted on: Mar 8th, 2013

CURRENCIES: USD Up Ahead of US Jobs Data

ICE, DXY, USD/JPY

The USD climbed on Friday, nearing a 4-yr high against the Japanese Yen, with the market awaiting key US jobs data due Friday.

The ICE USD index (DXY), which measures the greenback against a basket of 6 major rivals, reached 82.200 Friday, up from 82.090 in late North American trading Thursday.

The WSJ Dollar Index , which uses a slightly wider basket of rival units, also gained rising to 73.36 from 73.22 late Thursday.
Economists forecast the US to have added 160,000 jobs in February compared to a net addition of 157,000 in January, after companies turned a bit cautious ahead of the so-called sequester.

Some indicators such as the ADP jobs report covering private-sector hiring, as well as weekly jobless claims and the ISM business surveys suggested hiring might be slightly stronger.

Crédit Agricole strategists said ahead of the data that they “expect the jobs report to come in better than expected, as recent data, including the ADP employment report, suggest an overall positive month for the US labor market.”

The USD has gained recently along with US stock markets solidifying the theory that the USD is becoming an asset/investment currency.

Against the JPY, the dollar (USD/JPY) rose Friday to Yen95.32. It has not traded above Yen95 since August 2009.

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Heffernan Capital Management
Linda Johnson,
Business Development Director – Private Client Group,
Sales@Heffcap.com

Singapore

3 Raffles Place #07-01
Bharat Building Singapore 048617
Tel: +65 6329 6408
Fax: +65 6329 9699

 Paul A. Ebeling, Jnr.

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.

 

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