This morningâ€™s better than expected U.S. Non-Farm Payrolls
data has put risk back on the table. Although this report showed that the
economy was still shedding jobs, private sector hiring was above the consensus,
driving investors into equities and out of gold and Treasuries.
The shift in risk sentiment is driving the U.S. Dollar lower
especially against the commodity-linked currencies. The Japanese Yen is also
getting punished as traders leave the safety of the lower yielding currency.
Upside momentum is building in the Australian Dollar,
putting it in a position to test the early August top at .9221. Recent economic
data has also led to speculation that the Reserve Bank of Australia will
raise interest rates at its next meeting on September 7.
The USD JPY is trading sharply higher this morning. The rise
in demand for stocks appears to be reviving the carry trade. This is a
situation where investors borrow the lower yielding Yen then sell it to invest
in higher yielding assets. The chart pattern suggests a possible double-bottom
formation. This pattern will be confirmed if 85.90 is broken and at the same
time will signal a change in trend to up.
Traders should remember that Monday is a holiday and trading
may thin out as the session progresses. The President is also speaking today
and that may cause traders to move to the sidelines.
Forex Trading News
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