US stocks dropped sharply on Thursday and US Treasuries rose ahead of Friday’s Nonfarm Payrolls report. Initial Jobless Claims unexpectedly climbed to the highest level in ten weeks, taking some bets for a 50 basis points Fed rate hike off the table.
US yields moved further to the downside during the American session. The US 2-year yield fell to 4.95% and the 10-year to 3.92%. The slide in yields weighed on the US Dollar. The DXY pulled back for the second day in a row, falling to 105.20. The retreat of the Greenback is still a correction from Tuesday’s rally, which was boosted by Federal Reserve Chair Powell's hawkish remarks. The US employment report will be released on Friday, with traders seemingly on the sidelines ahead of payrolls.
The Bank of Japan will announce its monetary policy decision at Governor Kuroda’s last policy meeting. His term expires on April 8, after a ten-year tenure. Japan’s Lower House of Parliament approved Kazuo Ueda to become the next governor and two deputy governors . The Upper House will vote on the nominees Friday. USD/JPY lost more than a hundred pips on Thursday, going all the way back to 136.00.
The US Dollar posted mixed results awaiting key data. Commodity and emerging market currencies were hit late on Thursday as Wall Street plunged.
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