Published: 2026-02-11T13:49:35.000Z
EUR/USD, GBP/USD USD/JPY flows: USD bounces except versus JPY
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USD has pushed higher against DM currencies except the JPY, after the stronger than expected January employment report (130k NFP and 4.3% unemployment).
However, average hourly earnings at 3.7% is consistent with 2% core PCE inflation and this should keep the market expecting a 25bps cut over the summer.
USD/JPY after ralling on the headline numbers ran into selling around 154.50 and is now lower than before the numbers. This underlines the market bias for further JPY recovery after the weekend election results. The market could test 153.00 later in the week, though the critical level is 152.10.