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February 4, 2021
Daily FX Market Roundup 02.04.2021
By Kathy Lien, Managing Director of FX Strategy for BK Asset Management
Investors have been bidding up the US dollar all week and now they are wondering if Friday’s non-farm payrolls report could drive EUR/USD to fresh 2 month lows or USD/JPY above 106. NFPs are the most important piece of data for the US this week but over the past year, we’ve seen a diminishing impact on currencies. That mostly had to do with vaccine optimism and how it led investors to shrug off weaker numbers. However this month, non-farm payrolls are expected to improve with job growth returning. In December, 140,000 jobs were lost and tomorrow, US companies are expected to restore 50K jobs. As illustrated by the details below, there are many reasons to expect a stronger release that should encourage further gains in the greenback.