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USD/JPY dips below 156 and EUR/USD reclaims 1.09 as US Unit Labour costs fall sharply

The latest US weekly jobless claims data and revision to Q1 unit labour costs has just been released. Claims were expected to be at 220k. The actual number is 229k and the unit labour costs in Q1 have fallen sharply below what was expected- at just 4%. This news has sent the dollar lower and helped to propel the EUR/USD above 1.09 for the first time today. This Q1 unit labour cost data has really surprised the markets. So, the USD/JPY has fallen below 156 again on this news as US yields fall back once more. The USD/JPY is right now trading at 155.97

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