USD moves higher after the better than expected jobs report

Technical Analysis

Author: Greg Michalowski | forex

Decent jobs report with 131K and +95K revisions. US stocks and yields higher

The US jobs report beat expectations with a gain of 131K in jobs, and net revisions of +95K over the last two months. Average hourly earnings came in near expectations (YoY 3.0%).  The unemployment rate did tick up to 3.6% which was expected.

The USD moved higher.  Stocks moved higher.  Yields moved higher.   Gold is lower.

For the USDJPY, it moved from 107.93 to a high price of 108.26.  The pair is up retesting the lows from last week's trading at the 108.238-276 area. A move above should solicit more upside momentum. The dip buyers today against the 50% retracement at 107.869, were rewarded today.  

Decent jobs report with 131K and +95K revisions. US stocks and yields higher
Fror the EURUSD, the pair has moved down toward the 100 hour moving average, 50% retracement of the week's trading range, and the 200 hour/100 day moving average at the 1.1119 to 1.1125 area.  It will take move below that cluster of support to solicit more selling momentum. Staying above keeps the buyers in play (see chart below). 

EURUSD on the hourly fell toward a cluster of support
In other markets,
  • The Dow moved from up about +30 to up about 107 currently.
  • The NASDAQ index is up about 34 points now
  • The S&P index is up about 12 points
in the US debt market yields were marginally lower ahead of the report. They are now higher with the: 
  • 2 year at 1.562%, +3.8 basis points
  • 5 year 1.550%, +3.1 basis points
  • 10 year 1.713%, +2.2 basis points
  • 30 year 2.201%, +2.2 basis points
The price of Gold is lower as it reacts to the dollars move higher. The price is currently at $1505.48 down $7.50 on the day

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