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What the mixed signals mean for the markets
After Friday’s US jobs figures, the markets appear to be sending out mixed signals. The numbers weren’t that bad according to Saxo Bank’s Head of FX Strategy John Hardy who says there was an “odd reaction”.
For EURUSD, John sees the 1.3700/50 zone of contention as critical this week. “The longer we fail to push well below the 1.3700 area, the higher the risk the bears are frustrated once again.”
The reaction to Friday’s Non Farm Payroll numbers led to a pause in the JPY sell off and there’s increased focus on the $103.00 USDJPY level. John says if we go below that level deeply then it "would put significant pressure on the near-term bearish JPY view".
As for AUDUSD, John Hardy believes that the days of Aussie strength are “over” given the currency’s close ties to China
02:31 minutes
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