USD gains on solid NFP data; USD/JPY, USD/CAD surge higher
The US dollar strengthened broadly following April's non-farm payrolls release of 139K jobs, slightly above the 130K forecast. USD/JPY climbed 0.8% to test 157.20, while USD/CAD jumped 0.6% to 1.3780 despite Canada's surprising employment gain of 8.8K versus -12.5K expected. Gold retreated $40 to $2,320/oz as dollar strength pressured commodities. Key developments include upcoming US-China trade talks in London and China's rare earth licenses to US automakers, potentially easing supply chain concerns. Fed's Harker maintained his hawkish stance, suggesting rate cuts could come later this year. Technical indicators show USD/JPY facing resistance at 157.50, while support holds at 156.80. The strong employment data reinforces expectations of delayed Fed rate cuts, supporting further dollar appreciation against major currencies in the near term.
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