USD/JPY climbs to 110 after strong NFP reading

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USD/JPY climbs to 110 after strong NFP reading

US Nonfarm Payrolls rose by 225K in January.

The annual wage rate rose to 3.1% in the United States.

US dollar index consolidates daily gains above 98.50 after the data.

USD/JPY rose to the 110 level with the initial market reaction to the Non-Farm Payrolls (NFP) report from the US but struggled to maintain its momentum. As of writing, the pair was trading at 109.80, down 0.18% on a daily basis.

Dollar Failed to Benefit from NFP . Report

The US Bureau of Labor Statistics announced on Friday that the NFP rose 225,000 in January to beat market expectations of a 160,000 level by a wide margin. Additionally, annual wage inflation, as measured from average hourly wages, rose to 3.1% to come in slightly above analysts' estimates of 3%.

Despite the upbeat data, the US dollar index struggled to gain traction but remains in positive territory above the 98.50 level.

Meanwhile, the 10-year US Treasury yield is down 2.75% on the day, and Wall Street's major indexes are still on track to open in negative territory to reflect the sharp market mood, helping the yen continue to find safe-haven demand.

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