Dollar gains on yen following unemployment figure
- Last Updated on 17 February 2012
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A better than expected US Unemployment Claims caused the USD to extend its bullish trend against the Japanese yen during yesterday's trading session. The first-time jobless claims figure came in at 348K, its lowest level in four years. The news sent the USD/JPY toward the psychologically significant 79.00 resistance level. At the same time, ongoing fears about whether Greece will receive a much needed bailout package sent the euro considerably lower against the greenback. The EUR/USD dropped below the 1.3000 level yesterday, to hit a three-week low.
Turning to today, traders will want to continue monitoring the situation in Greece for clues as to where risk appetite stands in the market. Any further negative news has the potential to send the EUR/USD significantly lower. Additionally, the US Core CPI figure, set to be released at 13:30 GMT, has the potential to boost the USD to close out the week. Analysts are predicting the figure will come in at 0.3%, which if true, would signal an increase over last month. Assuming the forecasts are correct, the USD could continue moving up against other safe-haven currencies.