The U.S dollar rose broadly yesterday against the JPY and GBP after data showed the number of U.S. workers filing for first-time jobless benefits slipped in the latest week, adding to hopes the job market is improving. By yesterday's close, the USD rose against the JPY, pushing the oft- traded currency pair to 88.25. The dollar experience similar behavior against the GBP and closed at 1.6540.
Economic data was mixed on Thursday as new applications for U.S. jobless benefits unexpectedly fell last week to the lowest level in more than 14 months, suggesting a labor market edging toward stability, while productivity was less robust in the third quarter. Economic recovery does not appear to be improving at the speed many investors were hoping for, and currencies appear to be tracing the movement of stocks as a result. While recovery floats between positive and negative economic data, risk appetite may be suffering as a result.
Looking ahead today, the news event that may have a very large impact on the Dollar and its main currency pairs in today's trading is Non-Farm- Employment Change around 13:30 GMT. This report is very important as likely to Impact the dollar volatility. Traders should pay close attention to the market as there is an opportunity for traders to capitalize on the fluctuations which are likely to follow this release.