Major Currency Pairs: Euro Falls On Low Employment Data
ICM Brokers | Feb 10, 2014 05:56AM ET
EUR/USD
The euro lost after a February 7 report indicated employment growth last month in the world’s biggest economy was less than analysts expected. Today the euro snapped an advance from last week ahead of data today that may show industrial production in France, the 18-nation region’s second-biggest economy, declined in December. Euro started the week with modest rate at 1.3619, to record a high of 1.3637 during the early morning trades.
GBP/USD
Sterling is waiting for the precious report of inflation on Wednesday. The Inflation Report on February 12 will contain the central bank’s new forecasts for economic output, inflation and unemployment. The central bank pledged in August to keep interest rates low until the unemployment rate fell to at least 7%, a threshold they had predicted wouldn’t be reached until late 2016. Data last month showed the jobless rate dropped to 7.1% in November. Today, the cable started the session at the morning lowest rate of 1.6407, and gain 0.05% early to hit the level of 1.6415.
USD/JPY
The Bank of Japan’s record policy easing is dwarfed by the Federal Reserve’s efforts, showing Governor Haruhiko Kuroda has plenty of room to expand stimulus after this year’s surge in the yen. Japan’s core consumer prices rose to a five-year high of 1.3% in December as the yen’s 18% plunge against the dollar in 2013, boosted the cost of energy imports. The currency rebounded 3.2% last month amid a rout in emerging markets. Today the yen fall by 0.3% to 102.59 after touching 102.64, the weakest since January 31.
USD/CAD
The Canadian dollar rose for a second day after job creation rebounded, damping speculation the Bank of Canada will cut interest rates to spur the economy. The currency gained against the greenback as Canada added 29.4K jobs in January after losing positions the prior month, and the jobless rate fell. The U.S. added fewer jobs than forecast. Canada’s dollar fell 4.5% last month for its worst start to a year since at least 1972 as the Bank of Canada spurred speculation that it may cut interest rates, saying inflation would fall below target this quarter. The loonie, as, rose 0.3% to 1.1032 after gaining as much as 0.9%, the most since September 6.
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