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Forex: USD/JPY dives further as market digests events

Previously held by the opening price at 93.64, the USD/JPY is now facing the area as resistance after the fall to 93.38 low. As of writing, the pair is moving below 93.38 and aprroaches 93.00 mark as the market digests everything that has happened today, from incoming BoE Governor Carney to ECB's Draghi press conference, and US nonfarm productity and jobless claims. The pair is currently at Tuesday's high, 93.18.

The preliminary US nonfarm productivity in Q4 shows a -2.0% fall, worse than the -1.3% expected. However, Q3 data was revised higher from +2.9% to 3.2%. Unit labor costs grew from -2.3% (revised from -1.9%) to +4.5%, more than the +3.0% expected.

Initial jobless claims in the US fell from 371K (revised from 368K) to 366K, more than the 360K consensus. Continuing claims rose from 3.216M (revised from 3.197M) to 3.224M.

"The USD/JPY currency pair continues moving upwards. I think today the price may consolidate for a while at the current levels and then continue growing up towards the target at 94.65", wrote Roboforex.com analyst Igor Sayadov.

Forex Flash: EUR/USD targets 1.3800 within 1-month – Westpac

“We are still targeting 1.3800 on a 1-month horizon, though suspect the EUR/USD likely to see some corrective price action first.” notes Sean Callow, a Global FX Strategist at Westpac. Berlusconi’s rise in the Italian polls and the slush fund scandal engulfing Spanish PM Rajoy have seen Italian and Spanish equities fall 8% since late Jan and peripheral sovereign bond spreads have retraced a good portion of the compression seen in the first two weeks of the year.
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Forex Flash: Markets begin to show price liquidity trap in Japan – Goldman Sachs

The moves in the Japanese FX and equities have been the biggest change in the macro landscape in the last few months. According to the Economics Research Team at Goldman Sachs, “Here we look at what a successful liquidity trap exit should look like and some ways to benchmark progress towards that. The combination of stable nominal bond yields, a weakening currency and rising equities is fully consistent with the initial stage of any eventual exit from the liquidity trap.”
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