USD/JPY flirts with daily low despite upbeat US ADP report, holds above 137.00 mark – by hareshmenghani USDJPY UnitedStates Employment Fed Currencies
The upbeat US ADP report fails to impress bulls or provide a fresh impetus.struggles to capitalize on its intraday positive move beyond the 200-day Simple Moving Average and retreats from the 138.00 neighbourhood, or its highest level since mid-December touched earlier this Wednesday. Spot prices, however, manage to hold above the 137.00 mark through the early North American session and react little to the US macro data.
The US Dollar stands tall near a multi-month peak following the release of the better-than-expected US ADP report, which, in turn, is seen as a key factor acting as a tailwind for the USD/JPY pair. In fact, Automatic Data Processing reported that the US private sector employers added 242K jobs in February, up sharply from the previous month's revised reading of 119K .
The fundamental backdrop, however, still supports prospects for an extension of the USD/JPY pair's recent upward trajectory witnessed over the past month or so. Investors seem convinced that the Bank of Japan will maintain the ultra-loose policy settings. It is worth mentioning that the incoming BoJ Governor Kazuo Ueda last week stressed the need to maintain the ultra-loose policy to support the fragile economy.
monetary policy meeting and the release of the closely-watched US monthly employment details on Friday, which will help determine the next leg of a directional move for the major.
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