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USD/JPY slides and rebounds following US payroll report
The noted immediate reaction in the USD/JPY to the lower than forecast gain in US payrolls saw the dollar slide from levels close to 143.20, to a new session low at 142.01. That slide was then quickly reversed to above 142.70. The main reason for the rather rapid reaction seemed to come from the lower revision to the July payroll numbers and that also seemed to eclipse a greater than forecast rise in the level of annualised wages, to 3.8%. The markets are now pricing around a 57% chance of a 0.50% Fed rate cut this month. Prior to the jobs data that was priced at around 43%. The USD/JPY is now pressing a little higher again, but the price action is fluid, choppy and very rapid still. The USD/JPY is currently trading at 142.82
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