kiriss5678 Posted November 10, 2014 Report Share Posted November 10, 2014 COZforex: The US dollar retreated from 7 year peaks against the yen on Friday after the latest US employment report came in lower than expected, prompting investors to take profits on the greenback. The Labor Department reported that the U.S. economy added 214,000 jobs in October, missing expectations for jobs growth of 231,000. September’s figure was revised up to 256,000 from a previously reported 248,000 and Augusts’ figure was also revised up to 203,000 from 180,000 pointing to underlying strength in the labor market. The US unemployment rate ticked down to a fresh six-year low of 5.8% from 5.9% in September. The data prompted investors to sell the dollar to lock in gains following its recent rally but the data did little to alter expectations that the Federal Reserve will raise interest rates ahead of its other major peers. USD/JPY was down 0.56% to 114.58 in late trade on Friday, pulling back from the seven year highs of 115.58 struck earlier in the session. The pair ended the week with gains of 1.56% as the Bank of Japan’s surprise stimulus move on October 31 continued to weigh on the yen. From next year the BoJ will increase its balance sheet by 15% of gross domestic product per year and will extend the average duration of its bond purchases from seven years to 10 years. The move came after data showed that the country’s economy contracted by an annualized 7.1% in the second quarter following a sales tax hike in April. The contraction added to doubts over whether the BoJ’s 2% inflation target can be reached in the fiscal year starting next April. (COZ forex UK) Quote Link to comment Share on other sites More sharing options...
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