Forex news for November 7, 2014:

The non-farm payrolls report was very good below the surface with measures of unemployment and underemployment falling but wage growth failing to materialize. The initial reaction was swiftly lower in USD/JPY to 114.46 as algos reacted to the headline but the pair bounced all the way back to 115.36 on better details in the report.

As time wore on, profit taking and US dollar weakness became the theme. USD/JPY tried the lows a couple times and eventually broke down to 114.26 in a mini-squeeze in a thin market. Last at 114.59.

The euro also turned around and finished the day up a full cent from the low of 1.2358. The comments from Lagarde seemed to help and worry about Russia was brushed off. It was probably short covering more than anything.

Cable followed the same pattern as it climbed to 1.5871 from 1.5788 in the moments before non-farm payrolls. There wasn’t much shape to the move aside from a grind higher.

The Canadian dollar was the big winner in US trading on the blockbuster employment numbers. There was nothing in the details to discourage CAD buying and that knocked USD/CAD all the way down to 1.1328 from 1.1446 before the data.

Similar story in AUD and NZD as they marched higher after a rough week.

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