The dollar was weaker against most counterparts, especially risk currencies during the U.S. trading session when U.S traders returned from the long Easter weekend. Today was the first day that investors could react to the disappointing U.S. non farm payroll data since markets were closed on Friday when the jobs report was released. The weak data raised concerns that the Fed may introduce more quantitative easing measures. This is dollar -negative. Fed chairman Ben Bernanke speaks later at 6pm EST on ‘fostering financial stability”.
EURUSD rose due to the weaker dollar, hitting a high of 1.3132 in the North American session, moving off a three-week low 1.3032 hit earlier in the Asian session.
GBPUSD tracked higher after opening the session at 1.5869 to hit a high of 1.5912.
EURJPY clawed back some losses and bounced in New York trading off one-month lows of 106.09 to 107.23. USDJPY also bounced to 81.65 from 81.23. Earlier in the Asian session, the yen gained after data showed Japan swung to a current account surplus for February. Japan posted a surplus of 1.178 trillion yen, beating forecasts, following a deficit the previous month.
USDCHF dipped to 0.9150 from 0.9206.
The weaker dollar helped lift commodity-linked currencies like the aussie and loonie. AUDUSD hit a high of 1.0330 versus an earlier day low of 1.0256. USDCAD fell to 0.9957 from 1.0001.
Crude oil prices rose to US$102.57 from $100.80.