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Forex pairs in this Article » USD/JPY (Barcelona) - Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ notes that the dollar remained weaker overnight following weak Non Farm Payroll numbers.

Key Quotes

"The US dollar has remained weaker in the Asian trading session following the release of the weaker than expected non-farm payrolls report on Friday, with USD/JPY having fallen to an intra-day low 103.26 today from an intra-day high of 105.40 on Friday."

"The establishment report revealed that the US economy added only 74k jobs in December which was the lowest month of jobs gains since January 2011. There were modest upward revisions to prior months adding a further 38k jobs."

"As a result employment growth averaged 182k/month in 2013 which was almost exactly the same as in 2012. Employment weakness evident in December appears to have been largely driven by the negative impact of seasonably cold and harsh weather. "

"The number of workers who said they could not go to work due to poor weather conditions in the household survey jumped to 273k in December which was the largest amount for a December since 1977. The household survey also revealed a shaper than expected fall in the unemployment rate which declined to 6.681% in December from 6.981% in November. "

"The sharper than expected drop in the unemployment rate mainly resulted from 347k people leaving the labour force while employment increased by 143k as well. The labour force participation rate continued to decline by a further 0.2 point to 62.8%."
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