USD/JPY fails to capitalize on upbeat NFP data, continues to trade in red near 105
- Nonfarm Payrolls in US increased by 273K in February.
- 10-year US Treasury bond yield plummets to all-time lows below 0.7%.
- Wall Street's main indexes open more than 3% lower.
The USD/JPY pair failed to shake off the bearish pressure even after the Nonfarm Payrolls data from the US came in much better than expected. As of writing, the pair was down 1% on the day at 105.10.
No market reaction to impressive NFP data
The data published by the US Bureau of Labor Statistics on Friday revealed that NFP rose 273K in February to beat the market expectation of 175K by a wide margin. Moreover, January's reading got revised up to 273K from 225K and the Unemployment Rate ticked down to 3.5%.
Nevertheless, with the relentless fall of the US Treasury bond yields continuing, the greenback struggled to find demand despite the upbeat data.
At the moment, the 10-year US T-bond yield is down at fresh record lows below 0.7%, erasing nearly 25% on a daily basis and the US Dollar Index is down 0.8% at 95.80.
Reflecting the ongoing flight-to-safety, Wall Street's main indexes started the day deep in the negative territory with the Dow Jones Industrial Average and the S&P 500 both losing 3% in the early trade.
Technical levels to watch for