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Mid-Day Report: Dollar Soars as NFP Rose Most Since 2012 Dollar rises strongly in early US session after release of solid employment data. The non-farm payroll report showed 288k in April versus expectation of 210k. That's the highest level since January 2012. Prior month's figure was also revised up from 192k to 203k. Unemployment rate dropped sharply from 6.7% to 6.3%, the lowest level since September 2008. Economists perceived the figure as a sign that the US economy is regaining momentum after bad winter weather. Most notable move is seen USD/JPY, which breaches 103 handle after the release. The greenback also rises against European majors but EUR/USD and USD/CHF are staying in recent range while GBP/USD is just paring back some of this week's gain. Full Report Here...
Featured Technical Report
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 102.18; (P) 102.26; (R1) 102.41; More... USD/JPY rises to as high as 103.01 in early US session and intraday bias is on the upside. Rebound from 101.32 could extend higher towards 104.12 resistance. However, we'd maintain that strong resistance should be seen below 104.12 and bring reversal. Price action from 101.75 are viewed as a consolidation pattern only. As such consolidation finishes, the whole decline from 105.41 should resume. Below 101.95 will turn bias back to the downside for a test on 100.61/75 key support zone. Read more... EURUSD Technical Outlook USDJPY Technical Outlook GBPUSD Technical Outlook USDCHF Technical Outlook USDCAD Technical Outlook AUDUSD Technical Outlook EURJPY Technical Outlook EURGBP Technical Outlook EURCHF Technical Outlook GBPJPY Technical Outlook

Economic Indicators Update

GMT	Ccy	Events	Actual	Consensus	Previous	Revised
23:30	JPY	Household Spending Y/Y Mar	7.20%	1.70%	-2.50%
23:30	JPY	Unemployment Rate Mar	3.60%	3.60%	3.60%
23:50	JPY	Monetary Base Y/Y Apr	48.50%	55.30%	54.80%
01:30	AUD	PPI Q/Q Q1	0.90%	0.60%	0.20%
01:30	AUD	PPI Y/Y Q1	2.50%	2.20%	1.90%
07:30	CHF	SVME-PMI Apr	55.8	55	54.4
08:00	EUR	Eurozone Manufacturing PMI Apr F	53.4	53.3	53.3
08:30	GBP	Construction PMI Apr	60.8	62.2	62.5
09:00	EUR	Eurozone Unemployment Rate Mar	11.80%	11.90%	11.90%	11.80%
12:30	USD	Change in Nonfarm Payrolls Apr	288K	210K	192K	203K
12:30	USD	Unemployment Rate Apr	6.30%	6.60%	6.70%
14:00	USD	Factory Orders Mar		1.50%	1.60%

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency dropped on dollar's broad-based strength after the release of much stronger-than-expected US job data, bids at 1.3850 and 1.3820-30 were filled, mixture of bids and stops at 1.3800 is in focus, more buy orders are tipped at 1.3775 and 1.3750-60 (more stops below both levels). On the upside, offers are lowered to 1.3840-50 and in good size at 1.3870-75 (some stops above), more sell orders are tipped at 1.3890-00 with stops placed above barrier at 1.3900, more sell orders are located at 1.3915-25, 1.3940-50 and 1.3975.

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Forex Trade Ideas

Trade Idea Update: EUR/USD - Sell at 1.3840

Current sharp retreat on dollar's broad-based rise after the release of much stronger-than-expected US job data signals top has been formed at 1.3889 yesterday and consolidation with downside bias is seen for weakness to 1.3800, then test of this week's low at 1.3775 but a sustained breach below there is needed to retain bearishness and signal fall from 1.3906 has resumed for weakness towards 1.3740-45 first.

Trade Idea Update: USD/JPY - Stand aside

Although the greenback rallied on stronger-than-expected US job reports and broke above resistance at 102.78 and gain to 103.05-10 (61.8% Fibonacci retracement of 104.13-101.33), then previous resistance at 103.30 cannot be ruled out, however, as broad outlook remains consolidative, reckon upside would be limited to 103.50 and price should falter well below resistance at 104.13.