Thursday, 1 Apr 2010

USD Makes Gains on JPY Ahead of Non-Farm Data

A return to risk taking among investors fueled Euro and Sterling gains against the Dollar throughout trading today. EUR/USD increased some 90 pips today to its current level of 1.3570. GBP/USD was able to move up around 80 pips since this morning, settling in at its current rate of 1.5270. At the same time, risk sentiment has also caused USD to reach a 7 month high against the Yen today. The pair has been steadily going up over the last few days, and is currently trading around the 93.80 level.

Tomorrow, traders will want to pay careful attention to the U.S. Non-Farm Employment Change report, set to be released at 12:30 GMT. Analysts are predicting that the U.S. added some 185,000 jobs in March, which if true would likely give the Dollar a serious boost in afternoon trading. That being said, any number below the predicted results risks creating investor pessimism in the U.S. economy, which would likely weaken the greenback.