Major Currencies Stuck In Narrow Trading Range | Minimal relative movement of major currencies since the London session opened on Monday, as the lack of Eurozone economic data released until the end of the week when the euro zone GDP rate reported for Q4.
Pairing EURUSD failed to break above the 50 day moving average resistance at around 1.3655, while AUDUSD also failed to drop below the 50 day MA at 0.8912. While the USDJPY exchange rate still fell below 102.60.
Fluctuations in the price of post-release euphoria nonfarm payrolls data seem to subside. In two consecutive months, various U.S. companies proven just adding a little more labor intensive than estimated, but the unemployment rate continues to decline while the average hourly earnings and labor force participation rates continue to rise. Monthly nonfarm payrolls report is terbutki fluctuating, but overall average growth in nonfarm payrolls remained stable at 177.500 per month rate of growth indicates that the job market is strong enough, but apparently not bad enough to change the Fed's tapering plan.
U.S. economic recovery is still continuing, albeit more slowly than expected, for some investors this means positive because the Federal Reserve may not be mreduksi stimulus too quickly even the potential to strengthen the guidance foward especially as the unemployment rate closer to 6.5% benchmark. So Janet Yellen may decide to lower the unemployment rate reference or discard it entirely as suggested by Fed President Lacker last week.
The next focus will be on schedule testimony Janet Yellen, the Fed's new governor on Tuesday and Thursday, as potential determinants of the movement of various currencies further.
