USD/JPY rises to a high of 111.44
The US dollar likes jobs but what it would really like is wage growth. USD/JPY is up 30 pips since the ADP employment report and that's gotta disappoint the bulls. It was a very strong report but the market has seen jobs growth before and it hasn't led to inflation.
The thinking is that markets will wait until tomorrow's nonfarm payrolls report before making a move. At the same time, it's the first of the month today so flows could be restraining US dollar upside.
The next level to watch is the early-Monday high of 111.47.
