MORNING BRIEFING: US Economy creates 162’000 jobs in March; Dollar up to 7-month high vs. Yen.

[RTFX-Trading]

MORNING BRIEFING: US Economy creates 162’000 jobs in March; Dollar up to 7-month high vs. Yen.

What’s new:
Forex: US Dollar hits 7-month high versus Yen.
IMF: IMF’s head says world economy is “not out of woods”.
China: Quiet on US currency report delay.
United States: White House Advisor Romer says Yuan needs to respond to market forces.
United States: Geithner delays China Forex report to after visit by Chinese President Hu.
United States: Economy created 162’000 jobs in March

Today:


Overnight Rates and Indices:
EURUSD: 1.3538 – 1.3463.
USDCHF: 1.0643 – 1.0588.
GBPUSD: 1.5284 – 1.5224.
EURJPY: 127.89 – 127.30.
USDJPY: 94.79 – 94.32.
DowJones: 10’927  
NASDAQ: 2’403
S&P 500: 1’178
Nikkei: 11’339 +0.47%.
Shanghai: 3’157 +0.33%,
Gold: $1’125.5
Crude Oil: $85.58

Comments:

The US Dollar firmed to its highest in more than 7-months against the Yen on Monday, extending gains after generally upbeat jobs data indicated the US economic recovery is on a solid footing.

With most markets closed for Easter Monday, the Yen was under pressure today as the Euro reached a 10-week high and the Australian Dollar increased to an 18-month high respectively. This following a strong jobs report from the US, which has led traders to believe the FED may raise the discount rate again on Monday. The decision by the FED is scheduled for 17:30 CET. Another increase in the discount rate could provide further support for the Dollar.

Meanwhile, China is remaining quiet over the US’ delay on a currency report scheduled for April 15th. US Treasury Secretary Timothy Geithner said he is delaying a report on whether China manipulates its currency following the announcement in Beijing that Chinese President Hu Jintao will be visiting Washington for a G20 security summit April 12-13.

Have a nice day.

Emman Xuereb
Trading Desk
RTFX Ltd
Risk Disclaimer