ForexLive North American Wrap: A Jobs Report Jolt

Jan non-farm payrolls +157K vs +160K exp
Unemployment rate rises to 7.9% vs 7.8% exp
ISM manufacturing index 53.1 vs 50.7 exp
Final Markit US PMI 55.8 vs 56.1 prelim
U Mich consumer sentiment 73.8 vs 71.5 exp
Fed's Bullard says unemployment in ‘low 7s' could end QE
JPMorgan global manufacturing PMI 51.5 vs 50.1 in Dec
CHF/JPY is the best performer on the week
Dow closes above 14,000 for first time since 2007
S&P 500 up 1% to 1513, gains 0.7% on week
NZD leads, JPY lags

Fresh cycle highs for the yen crosses was the story again on Friday. USD/JPY was hit with a round of profit-taking after NFP, touching 91.78 but it quickly rebounded and closes the day 100 pips off the lows.

The ISM report was the best since June and non-farm payrolls were better than the headlines suggest because of upward revisions to Nov and Dec.

The euro trapped traders in a major whipsaw. It sank to 1.3588 after the employment report and then screamed to 1.3711. As Europe began to wind down the euro lost momentum and slipped to 1.3650.

Cable repeatedly flogged, falling to 1.5699 from 1.5845 in North American trading alone. The pound fell hard through 1.5800 and then bled for the next 100 pips. Continental repatriation is the driver.

Gold jumped to $1681 on NFP but Bullard's comments killed the rally. Last at $1667.