Returns not influenced by employment data
US yields were not negatively impacted by the decline in non-farm payroll data. Nuances in numbers and higher wages could be the counterweight, along with expectations of a rebound next month. The 10-year rate is up 3.6 basis points to 1.607%. The five-year yield is comfortably above 1.0% to 1.0465%. Also note that the Treasury will auction three, 10 and 30 year issues next week. Some concessions may be down prior to these auctions.
USDJPY dipped on the news but above the converging 100 and 200 hour moving averages at 111.43. An uptrend line also crosses near this level.
Price has now broken past the previous session’s high at 111.993. The next key target is at the September high of 112.074. Above that, traders will aim for March 2020 highs near 112.20.
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