US dollar climbs as jobs data highlights robust economy

<p>The US dollar is at the highs of the day against the yen, up 124 pips to 144.60. It's the third day of large gains in that pair to start the week and it's backed today by an 8 bps rise in 10-year yields to 3.985%.</p><p>The latest leg of gains came after lower-than-expected claims for jobless benefits and stronger-than-expected job creation in the ADP report. Claims were at 202K compared to 216K expected while ADP employment was +164K vs +115K expected.</p><p>USD/JPY was trading at 114.20 before the data and has extended to a session high of 144.60 since.</p><p>The dollar is also rallying more broadly, but to a much-lesser extent. USD/CAD is up 3 pips to 1.3356, having gained 20 pips since the data. </p><p>Eyes will remain on the US dollar and Treasury yields in the remainder of the day. Economic data to come today includes the services PMI from S&amp;P Global at 9:45 am ET. Tomorrow we get the all-important non-farm payrolls report and ISM services.</p>

This article was written by Adam Button at www.forexlive.com.