Session Recap: USD strengthens after NFP, CAD soars

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Córdoba) - The US dollar finished higher across the board in Thursday ahead of the holiday on the back of a strong employment report in the US that surpassed expectations. The Canadian dollar was the best performer.

The EUR/USD fell from 1.3650 to 1.3600 while the USD/CHF jumped to 0.8940, hitting 1-week highs affected by the ECB and Draghi’s press conference. The Pound fell slightly against the US dollar but rose versus the other European currencies reaching fresh highs for the year.

Among commodity currencies the Aussie plummeted across the board. The Australian dollar weakened during the Asian session and extended losses afterwards. The Loonie was the opposite and soared. The USD/CAD reached new 6-month lows at 1.0619 but then bounced slightly to the upside. The AUD/USD ended below 0.9350, the lowest close since June 26.

The >USD/JPY rose again and broke above 102.00 after employment numbers from the US, hitting at 102.26 the highest price since June 28. The Japanese currency fell in the market as stocks ended higher in Wall Street and Europe, with the Dow Jones above 17,000.

Among economic data, the US trade deficit shrank in May to $44 billion while initial jobless claims rose by 2,000. The main report was the NFP that showed that the economy added 288.000 jobs in June above the 200.000 expected and the unemployment rate fell to 6.1%. “Once again we received another piece of the economic puzzle that indicates economic growth is far better than the negative Q1 GDP report indicates”, the Wells Fargo Research Team said in a report.

Main headlines in the American session

EUR/USD consolidates above 1.3600

GBP/USD relentless and eye’s 1.7200

EUR/USD staves off a positive NFP’s number - FXStreet

Wall Street closes with strong note; Dow above 17,000

EUR/GBP falls to 0.7930, fresh 21-month low

USD/JPY extends advance to 2-week high at 102.25

US: PMI Services rises to 61 in June

ECB modifies meeting cycle, will start publishing minutes

US job report: Strong job gains in June but wage growth remains subdued

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