US Jobs Grow at Fastest rate in 3 Years
CURRENCY TRADING SUMMARY – 5th April (00:30GMT)
U.S. Dollar Trading (USD) was broadly stronger in thin trading after the March Jobs report showed +162k new jobs and solid revisions in February and January. The March Unemployment Rate was steady at 9.7%. USD/JPY ticked higher into the Y94 region but ran out of steam above the Y94.60. EUR/USD slipped below 1.3500 before steadying into the close. US stocks were closed. Looking ahead, March ISM Services forecast at 54 vs. 53 previously. Looking ahead, February Pending Home Sales are forecast at 0.6% vs. -7.6% previously.
The Euro (EUR) the Strong USD after the Jobs data was the only move on Note on Easter Friday with support under the 1.3500 tested and holding. EUR/GBP continued to be pressured at the 0.8880 support with many feeling it is only a matter of time before the level breaks down. Next support of note is at the 0.8812. Overall the EUR/USD traded with a low of 1.3475 and a high of 1.3591 before closing at 1.3495. Looking ahead, Bank Holiday in Europe.
The Japanese Yen (JPY) the rally continued on the USD/JPY closing in the mid Y94 region as the market continues to push US Treasury Yields higher and Global stocks rally. AUD/JPY pushed Y97 and GBP/JPY tested Y144 as the risk currencies outperform. Overall the USDJPY traded with a low of 93.66 and a high of 94.69 before closing the day around 94.63 in the New York session.
The Sterling (GBP) bowed to the broad USD strength but held up better than most currencies as the Pound rally remains intact and risk appetite strong. Gains against the Euro and Yen continued and further gains are likely given the relatively low base from which the rally started. Overall the GBP/USD traded with a low of 1.5183 and a high of 1.5296 before closing the day at 1.5192 in the New York session.
The Australian Dollar (AUD) held close to the 0.9200 level as AUD/JPY buying countered USD strength after the NFP data. Strong Gold and Oil are underpinning the Aussie’s strength along with the RBA rate hike possibility on Tuesday. AUD/NZD is holding above 1.3000 nicely and could resume its recent uptrend. Overall the AUD/USD traded with a low of 0.9184 and a high of 0.9214 before closing the US session at 0.9187.
Oil & Gold (XAU) traded in a tight range above $1120 for the majority of the day. Overall trading with a low of USD$1117 and high of USD$1127 before ending the New York session at USD$1120 an ounce. Crude Oil was Closed for trading on Easter Friday.
TECHNICAL COMMENTARY
|
Currency |
Sup 2 |
Sup 1 |
Spot |
Res 1 |
Res 2 |
|
EUR/USD |
1.3247 |
1.3270 |
1.3530 |
1.3591 |
1.3608 |
|
USD/JPY |
91.09 |
91.77 |
94.40 |
94.64 |
95.10 |
|
GBP/USD |
1.4784 |
1.4975 |
1.5270 |
1.5327 |
1.5382 |
|
AUD/USD |
0.8936 |
0.8978 |
0.9215 |
0.9216 |
0.9250 |
|
XAU/USD |
1085.00 |
1102 |
1126.00 |
1133 |
1145.00 |
|
OIL/USD |
83.80 |
85 |
85.80 |
86 |
88.00 |
Euro – 1.3530
Initial support at 1.3270 (March 26 low) followed by 1.3247 (May 6 low). Initial resistance is now located at 1.3591 (April 1 high) followed by 1.3608 (0.618 of 1.3818-1.3268)
Yen – 94.40
Initial support is located at 91.77 (Mar 25 low) followed by 91.09 (Mar 24 low). Initial resistance is now at 94.64 (Aug 25 high) followed by 95.1 (0.618 of 101.44-84.83).
Pound – 1.5270
Initial support at 1.4975 (Mar 30 low) followed by 1.4784 (Ma low). Initial resistance is now at 1.5327 (Mar 31 high) followed by 1.5382 (Mar 19 high).
Australian Dollar – 0.9215
Initial support at 0.8978 (Mar 4 low) followed by the 0.8936 (Mar 1 low). Initial resistance is now at 0.9216 (Mar 30 high) followed by 0.9250 (March 17 high).
Gold – 1126
Initial support at 1085 (Mar 24 low) followed by 1078 (Feb 12 low). Initial resistance is now at 1118 (Mar 31 high) followed by 1133 (Mar 17 high).
Oil – 85.80
Initial support at 85.00 (Intraday Support) followed by 83.80 (Intraday Support). Initial resistance is now at 86.00 (March high) followed by 88.00 (Intraday Resistance).
