Currencies Hit Multi Decade Highs After Strong Non-Farm Payrolls
Rising oil prices and strong US job growth sent carry trades to fresh highs today. With the labor market sparing the US economy from a major downturn, the market is hungry for risk and yield. Selling in the Japanese Yen has been so strong that the currency hit a new record low against the Euro, a 20 year low against the high yielding New Zealand dollar, a 16 year low against the Australian dollar and a 14 year low against the British pound. In other words, the Yen crosses hit decade if not multi decade highs. The move in oil prices has also pushed the Canadian dollar to a new 30 year high.
For more on the ramifications of $80 oil on the currency market, see the Special Report