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Yen Near One-Week Low Versus Dollar Before U.S. Jobs, French Spending Data
SHARED BY: TGFOREX
The yen traded within 0.2 percent of a one-week low against the dollar before reports this week that economists said will show U.S. employers added jobs and French consumer spending rebounded.
The yen held onto yesterday’s losses as signs that growth is quickening elsewhere in the world reduced demand for the Japanese currency as a refuge. The dollar was about 0.4 percent from a one-week high against the euro as futures traders boosted bets on higher U.S. rates before Federal Reserve Bank of St. Louis President James Bullard speaks today.
“There is a barrage of economic data, most of which is expected to be pretty decent,” said Adam Carr, a senior economist in Sydney at ICAP Australia Ltd., a unit of the world’s largest interdealer broker. “If you’re of the view that the global outlook is strong, it could be a good opportunity to sell ‘safe haven’ currencies.”
The yen was at 81.70 per dollar as of 11:50 a.m. in Tokyo from 81.69 in New York yesterday when it fell to 81.85, the weakest since March 18. Japan’s currency traded at 114.98 per euro from 115.08. The dollar was at $1.4074 per euro from $1.4087 yesterday, when it rose to $1.4021, the highest since March 18.
U.S. companies added 208,000 workers in March after an increase of 217,000 the previous month, according to economists surveyed by Bloomberg News before the ADP Employer Services report tomorrow. Personal spending in France climbed 0.5 percent last month from January when it dropped 0.5 percent, according to a separate Bloomberg survey before today’s data.
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