What were the reasons for post-NFP currency moves Friday?

Hi guys,

I'm more tech, and less on the fundamentals. NFP is obviously watched by everyone... I have to ask - what happened on Friday?

Good news for USD, so USD spiked up. Ok got that.

I also noticed that AUDJPY and GBPJPY (and others) shot up too... but then, they all retraced, of course. The thing is
- USDJPY only retraced about 50% of the spike value.
- AUDJPY retraced almost 200% of the spike at the news announcement
- GBPJPY retraced about 100%

If some news genuinely came out indicating which changed people's perceived value of a currency, why do the values retrace so much almost immediately?

Is it merely people taking in profit from bets place prior to the news coming out?

Cheers,
MooMooFX

see copper and first chinese default.

Thanks seaman2 for the reply.

So, according to this old article: http://www.theglobeandmail.com/globe...91/?cmpid=rss1

I have learned that at the time China was (is?) the world's biggest copper consumer.

So I'm guessing
- Australia is a copper producer, while not a major one, still a significant enough size
- Additionally, a Australia's mining industry in general is heavily dependent on China's economy, so there's already concerns about that, plus the bond default on top...

So basically, we've got weakening China leading to weaker Aussie ... hence the extra pull-back for AUDJPY ?

How did I do?