FXstreet.com (Barcelona) - Stock markets in the U.S. have opened with gains one hour after the release of a rather concerning employment report, although buying pressure is starting to lose strength, the USD is reversing losses against the Yen while dropping against the Euro and Pound.
Wall Street has opened with gains on Friday after Thursday's sell-off; The Dow Jones Industrial Index is 0.81% up and the Nasdaq Index 0.77% up. An hour before U.S. Labour Department has released February's Employment Report showing Unemployment rate soar to 8.1% the highest level since 1983 and Non-Farm Payrolls declining by 651,000, somewhat above the 625,000 level expected by the analysts.
The Dollar gains against the Yen, drops against Pound and Euro
USD/JPY has been the winner of the U.S. session, bouncing from intra-week low at 96.60, the pair has got back about 150 pips on a positive reaction after non-farm payrolls reaching a maximum level of 98.24, to retrace somewhat afterwards.
GBP/USD has bounced from 1.4215 support level to 1.4250 and advanced on its way towards 1.4290 4-day high, but the pair has been rejected and returns towards 1.4200/15 support level.
EUR/USD has posted a 100 pips rally to 1.2750 resistance level and has reversed afterwards to drop past 1.2700 towards 1.2660 support level.