Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
3 Apr 2020

USD/JPY advances above 108.50 as USD preserves strength ahead of NFP

  • US Dollar Index climbs higher for third straight day on Friday.
  • Major European equity indexes trade in the negative territory.
  • Unemployment Rate in US is expected to edge up to 3.8% in March.

The USD/JPY pair spent the Asian session moving sideways in a relatively tight range near the 108 handle before starting to push higher on the back of broad-based USD strength. As of writing, the pair was up 0.62% on a daily basis at 108.57.

USD strength dominates FX action on Friday

The US Dollar Index, which gained more than 1% in the previous two days, extended its rally and was last seen adding 0.67% on the day at 100.77. During the early hours of the American session, the US Burea of Labor Statistics will publish its Nonfarm Payrolls (NFP) report for March. Markets expect the NFP to drop to -100K from 273K in February and see the Unemployment Rate edging up to 3.8%.

Although the market reaction is likely to be muted to this report due to the fact that it's not expected to reflect the full impact of the coronavirus, a large divergence between analysts' estimate and actual reading could boost volatility. 

Previewing the data, “there's a range of estimates as big as the ocean for this Friday's US payroll report for March," noted BMO analysts. "The official BMO call is -150,000. It's all about timing; we know job losses will be horrendous, but it depends on when the cuts actually took place and if the survey period captures it.”

US NFP Preview: 6 Major Banks expectations for March payrolls report.

Moreover, the US economic docket will feature the ISM's Non-Manufacturing PMI report as well. 

Meanwhile, major European equity indexes are trading in the negative territory to reflect a cautious market mood. A sharp shift in the sentiment for the worse could help the JPY find demand as a safe-haven and limit the pair's upside. 

Technical levels to watch for

 

Apr 3, 2020

EUR/USD Price Analysis: Attention shifts to 2020 low at 1.0635

EUR/USD is accelerating the decline following the recent breakdown of the key support at the 1.1000 neighbourhood, and the 1.0990 region, where coinci
Read more Previous
Apr 3, 2020

Eurozone: Mechanisms to prevent a continuation of the corona crisis – Natixis

The economic policy conducted in response to the coronavirus crisis should prevent the same mechanisms as those seen after the 2008-2009 crisis in the
Read more Next