Not much happened on the currency markets yesterday (and early today) and comments that we made regarding the individual currency pairs yesterday remain up-to-date. Therefore, in today’s alert we would like to focus on something else – the key currency index – the USD Index.

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Earlier today, official data showed that average cash earnings in Japan rose 0.6%, beating analysts’ forecasts. Despite these numbers, Friday’s bullish data continued to support the greenback, which pushed USD/JPY to important resistance area. Will it be strong enough to stop the rally?

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Earlier today, the U.S. Labor Department showed the economy added 271.000 jobs in the previous month, beating expectations for a 180.000 rise. Additionally, the U.S. unemployment rate dropped to 5.0% in October from 5.1% the previous month. On top of that, the report also showed that average hourly earnings rose 0.4% last month, also beating forecasts for a 0.2% gain. Thanks to these bullish numbers, the USD Index rallied to a six-month high and climbed above 99. What impact did this sharp rally have on our six currency pairs?

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Yesterday’s ADP report showed that U.S. non-farm private employment rose by 182,000 last month, beating expectations for an increase of 180,000. Additionally, the U.S. Commerce Department said that the trade deficit declined to $40.81 billion in September also beating analysts’ forecasts. On top of that the Institute of Supply Management showed that its non-manufacturing PMI rose to 59.1 last month well above forecasts of 56.5. Thanks to these bullish numbers, the U.S. dollar extended gains against the yen, which resulted in a climb to the Aug high. Will we see higher values of the exchange rate in the coming days?

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Earlier today, official data showed that Australia's trade deficit narrowed to A$2.317 billion in September from A$2.711 billion in August, beating analysts’ forecasts. As a result, AUD/USD increased to one-week high and broke above the level of 0.7200. Will we see further improvement in the coming days?

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