Dollar up

AFP, TOKYO: The dollar held its gains yesterday as dealers await US jobs data, after Japan’s prime minister left open the door for a market intervention to tame the soaring yen. While the April US jobs report is expected to show a slowdown in new posts, pointing to a softening in the world’s top economy, speculation that the Federal Reserve could lift interest rates as early as next month have have buoyed the greenback. “In order to maintain the rebound in the dollar, a solid payrolls release would likely need to be accompanied by stronger-than-expected average hourly earnings growth,” Kymberly Martin, a markets strategist at Bank of New Zealand, said in an e-mail to clients. “This could prompt the market into increasing its expectations for Fed rate hikes this year.” In Tokyo, the greenback fetched 107.11 yen, slightly off 107.26 in New York but still above 18-month lows around 105.55 yen touched Tuesday.

 

Dollar up

AFP, TOKYO: The dollar held its gains yesterday as dealers await US jobs data, after Japans prime minister left open the door for a market intervention to tame the soaring yen. While the April US jobs report is expected to show a slowdown in new posts, pointing to a softening in the worlds top economy, speculation that the Federal Reserve could lift interest rates as early as next month have have buoyed the greenback. In order to maintain the rebound in the dollar, a solid payrolls release would likely need to be accompanied by stronger-than-expected average hourly earnings growth, Kymberly Martin, a markets strategist at Bank of New Zealand, said in an e-mail to clients. This could prompt the market into increasing its expectations for Fed rate hikes this year. In Tokyo, the greenback fetched 107.11 yen, slightly off 107.26 in New York but still above 18-month lows around 105.55 yen touched Tuesday.