Japanese Yen gives back gains on risk-off markets and with NFP on tap
The Japanese Yen (JPY) has reversed earlier gains with the US Dollar (USD) boosted by higher safe-haven demand amid the risk-averse mood, and with investors bracing for a strong US Nonfarm Payrolls (NFP) report later in Friday.
The Japanese Yen has lost earlier gains against the US Dollar amid a risk-averse market mood and expectations of a strong Nonfarm Payrolls report. The USD/JPY pair traded at 158.30, marking two consecutive weekly gains, but remains within the last four weeks' trading range. Safe-haven assets like US Government Bonds and the US Dollar attracted traders due to a tech-led decline in equity markets.
The market anticipates a 65K increase in net employment in October, following optimistic Jobless Claims and ADP Employment Change figures. The Bank of Japan (BoJ) is expected to maintain tightening monetary policy, with a December rate hike considered. The Nonfarm Payrolls report, released by the US Bureau of Labor Statistics, reveals the number of new jobs added in non-agricultural businesses.
A strong reading is bullish for the US Dollar, while a weak one is bearish. The Unemployment Rate, released by the BLS, is the percentage of the civilian labor force without paid employment but actively seeking jobs. A decrease is seen as bullish for the US Dollar, while an increase is bearish.
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