US dollar makes gains on positive job numbers
As the data was released, no great swing was seen in either direction following a period of consolidation in the hours leading up to the release between $1.3654 and $1.3640. Following the release, markets moved slightly to the downside at $1.3632 before quickly reversing the trend moving to $1.3671.
US dollar pairs continue to under perform at a time which is seeing highs in both the Dow Jones Industrial Average (DJI) and the S&P500, with the former pushing through 14,000 on Friday, a level not seen since 2007. At the same time frame and trading with an inverse correlation, the US dollar index is pushing lower. This is likely a sign of the risk-on sentiment now inerrant in the market.
US dollar pairs traded higher for the most part today on the back of the good jobs numbers, strengthening against GBP/USD -0.35% £1.5766, USD/JPY +0.3% ¥92.35, AUD/USD -0.21% $1.0395 among the biggest movers on the day.
Story provided by StockMarketWire.com