USD / JPY pair decreases during the trading session of the medium. Over the past three days, the American currency against the yen lighted 0.81% and ascertained below 104.50. The sale of dollar is due to the reaction of traders on the macroeconomic background from the United States.
The US economy in January may returned to the creation of new jobs, however, not exactly the pace that experts predicted. The number of people employed outside agriculture in the United States increased only by 49 thousand noteworthy that the number of lost jobs in December was revised with a significant increase of up to -227 thousand against the previous assessment of -140 thousand. Latest employment data outside the US agriculture came out significantly lower than the indicator for the private sector from ADP, which previously reported the growth of the numbers employed by 174 thousand. Despite the weak restoration of jobs, the unemployment rate in the United States still decreased in January to 6.3%, although the indicated decline was most likely Logical consequence of reducing the share of economically active population. It is worth noting that weak data on the US labor market indicate that the key sectors continue to lose employees against the background of the deterioration of the epidemiological situation and more stringent restrictions.
Published on Wednesday data from Japan did not have a noticeable effect on the dynamics of the yen. Thus, the growth of the price index of manufacturers in January slowed down from + 0.5% m / m to + 0.4% m / m, which coincided with market expectations. The index of domestic prices for corporate goods in January slightly increased from -2% y / g to -1.6% y / y.
Today, the focus of traders is the data on the consumer price index in the United States, which will be published at 16:30 Moscow time. According to forecasts, the inflation rate in the United States has long increased by 0.1-0.2%. If investors' expectations are justified, the pressure on the dollar will increase. In addition, after the US Congress coordinates a new package of fiscal incentives of $ 1.9 trillion, there will be even more liquidity to the US economy, which will provoke another wave of aggressive dollar sales against all competitors. Considering this, the decline in the USD / JPY pair may continue with the following 102.50.
Artem Deev, Head of Analytical Department Amarkets
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