Wages not so great....
The US jobs report looked good on the surface but the wages were not good. Overall the Fed will ignore the wages in December. They will tighten, but they will likely be "Fed cautious" with fiscal policy a wild card.
The initial move saw the US dollar lower, but we are now seeing a move back to where the action started.
For the USDJPY, the pair moved to the 38.2% level at 113.494 (low reached 113.462) and bounced. We are not testing the highs for the day at 114.18 (reached in the Asia-Pacific session. A move above could see a rally toward the 114.44-54 area.
For the EURUSD it ran up to test the 100 bar MA on the 4-hour chart at the 1.0670 but hsa reversed lower and just made new lows. The 100 hour MA at 1.0621 and the 200 hour MA at 1.0605 is support targets to get and through if this pair is to go lower.
IN other markets:
- The US stocks are set to open lower with the S&P futures -3.25 points and the NASDAQ futures -9.5 points
- The US 10 year note is currently down 2.6 basis points to 2.4194%
- Spot gold is $-1.70 trading at $1170 (-0.14%)
- crude oil futures are trading at $50.88, $-.19 or -0.37%