| Videos | Channels | Search |
Hardy: Yen crosses could be "vulnerable" to further correction
The US dollar has continued to weaken against the Japanese yen following Friday's surprisingly bad job figures from the United States. Saxo Bank's Head of Forex Strategy, John Hardy, says yen crosses could be vulnerable to further sharp corrections.
The non farm payrolls showed only 74,000 new jobs were creasted in December which shocked many analysts. John says we need to remember that this was just one data point but the market reaction indicated there may be some doubt as to how strongly the US economy's improving.
Elsewhere, John notes that some emerging currencies are rallying as yields come back and there's less of a liquidity pinch right now. It's a "very odd market", says John and not like anything we've seen in years past.
01:51 minutes
Tags: america jobs, bonds, corrections, dollar, emerging markets, euro, eurusd, foreign exchange, forex, forex trading, hardy, jobs, john, jpy, market, news, nfp, non farm payrolls, odd, saxo, saxo bank, saxo tv, sharp, tradingfloor.com, treasuries, us, usa, usd, usdeur, usdjpy, video, vulnerable, yen, yen crosses, yields