Half-cent turnaround
USD/JPY has slayed the wage dragon.
After more than a year with a singular focus on the wage component of the non-farm payrolls report, today the market has decided that unemployment falling below 4.0% can't be ignored.
The market is saying, "You know what, growth is going to come, wage growth is going to come."
That feeling has helped USD/JPY rebound to unchanged at 109.22 from a low of 108.65 in the immediate aftermath of the jobs report.
At the same time, this is also a stock market story. The S&P 500 has sprung from the 200-day moving average in part on Apple shares rising and in anticipation from the usual optimism from Warren Buffett this weekend.
