The miss in the US employment data today gave the US Dollar a short-lived kick. But the remaining data which was released about an hour later was all positive. The trade deficit for April was about $5 billion lower than expected, the services, non-manufacturing PMI and the factory orders all jumped up. But the most important piece of data was the q/q labour costs which came out at 4.1% against 2.9% expected. That helped the USD which is feeling well bid right now. Is this going to turn the things around for the USD?
USD/JPY is nearly 200 pips up from the yesterday´s low