- USD / JPY is having a hard time finding direction on Thursday.
- Optimistic labor market data did not help the USD find demand.
- The US Dollar Index remains quiet around 92.50 ahead of NFP figures.
The pair USD/JPY it continues to fluctuate in a very tight range on Thursday and was last seen posting small daily gains at 110.03.
DXY remains stable near 92.50
Earlier in the day, US data showed that Challenger job cuts fell to their lowest level since 1997 at 15,723 in August. In addition, the US Department of Labor reported that there were 340,000 initial applications for unemployment benefits in the US during the week ending August 28, compared to market expectations of 345,000. Finally, the publication of the US Bureau of Labor Statistics showed that unit labor costs increased by 1.3% in the second quarter.
However, investors paid little to no attention to these figures ahead of Friday’s highly anticipated Non-Farm Payroll (NFP) data and the US Dollar Index is moving sideways at 92.50.
Meanwhile, the major Wall Street indices remain on track to open into positive territory, suggesting that the risk-positive market environment is likely to limit demand for both the USD and the JPY.
Technical levels
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