XE Market Analysis: Asia – Feb 02, 2018

The dollar rallied sharply on the back of the solid jobs report, and the jump in hourly earnings. Treasury yields soared to trend highs, after the jobs numbers, and the rebound in factory order and Michigan sentiment. Wall Street was not happy with the yield bounce, as stocks were hammered lower. The release of the “Nunes memo”, and the political uncertainty that followed, sent the dollar back lower, and stocks to lows of the day. EUR-UD fell from 1.2497 to 1.2410, before topping at 1.2490. USD-JPY rallied to 110.48 from 109.85, before bottoming at 110.02.