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Forex traders on the dollar, the yen and low euro volatility
Following the “disappointing” US jobs data, Saxo Bank’s traders say the interest to buy dollar yen on the downside has increased.As a result, they'll be keeping a close eye on the Japanese market as it re-opens on Tuesday.
US non-farm payrolls saw a big miss on expectations, printing at just 74 000 against consensus expectations around 197 000. The print is a sharp drop on November numbers, which added 241 000 jobs. Markets were taken by surprise by the news and the dollar hit close to a four week low against the yen.
The traders add that the Australian dollar traded higher after the release of the non-farms and on Monday it reached a one-month high on prospects a report on Thursday will show jobs grew for a second month.
They explain that in the options market, euro dollar volatility is at the lowest level since 2007.
01:20 minutes
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