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USD/JPY below 120.00, EUR/USD up into 1.07 handle

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USD/JPY has remained below the key 120.00 level for a fourth day, weighed down by weak US economic data. On Thursday, data showed jobless claims increased by more than expected, by 12,000 to 294,000 claims. Also US building permits and housing starts rose less than expected in March. USDJPY traded a small range in Asia consolidating losses between 118.90 and 119.14. The pair has fallen from the April 13 high of 120.85. Later in the day, US CPI data will be in focus.

EUR/JPY bounced in the New York session to hit a high of 128.58 from 126.75 and consolidated these gains in Asia today, trading above 128.04.

EUR/USD was also up after rallying on Thursday due to broad USD weakness. A more than a week high was reached at 1.0819. In Asia today, the pair consolidated these gains between 1.0754 and 1.0787. Final Eurozone CPI data are out later today.

GBP/USD was lifted higher thanks to the weaker US dollar. The pair reached a peak of 1.4971 on Thursday and consolidated in Asia between 1.4920 and 1.4948. The main risk event for the pound will be today’s UK employment report. The official ILO unemployment rate is forecast to drop to 5.6% from 5.7%. A fall would cause a rally in GBP/USD.

AUD/USD was one of the best performers on Thursday due to the weaker greenback and upbeat Australian jobs data. The pair rose to a high of 0.7823 yesterday but profit taking took it back down to 0.7771 in Asia today.

The post USD/JPY below 120.00, EURUSD up into 1.07 handle appeared first on Forex Circles.

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