Dollar edges down ahead of US jobs report

AFP, TOKYO: The dollar edged lower yesterday as traders focus on US jobs data later in the day that will help the Federal Reserve decide on when to lift interest rates. Expectations are high for a June or July hike after the central bank's chair Janet Yellen last Friday said such a move could be justified "in the coming months", citing growth in the world's top economy and a strengthening labour market.
Economists surveyed by Bloomberg News forecast the report will show employers added 160,000 jobs in May, the same as in April, with the
unemployment rate slipping to 4.9 per cent.
"If tonight's figures are in line (with forecasts), that will connect with the market's expectations for higher US interest rates," said Makoto Sengoku, a market analyst at Tokai Tokyo Research Center.
In Tokyo afternoon trading, the dollar bought 108.66 yen, slipping from 108.88 yen in New York and 109.06 yen in Tokyo earlier Thursday.
The euro was up slightly at $1.1158 against $1.1154, while it edged down to 121.24 yen from 121.44 yen.
On Thursday, the European Central Bank, as expected, left its ultra-loose monetary policy unchanged but upgraded slightly inflation and economic growth forecasts for the eurozone this year.

 

Dollar edges down ahead of US jobs report

AFP, TOKYO: The dollar edged lower yesterday as traders focus on US jobs data later in the day that will help the Federal Reserve decide on when to lift interest rates. Expectations are high for a June or July hike after the central banks chair Janet Yellen last Friday said such a move could be justified in the coming months, citing growth in the worlds top economy and a strengthening labour market. Economists surveyed by Bloomberg News forecast the report will show employers added 160,000 jobs in May, the same as in April, with the unemployment rate slipping to 4.9 per cent. If tonights figures are in line (with forecasts), that will connect with the markets expectations for higher US interest rates, said Makoto Sengoku, a market analyst at Tokai Tokyo Research Center. In Tokyo afternoon trading, the dollar bought 108.66 yen, slipping from 108.88 yen in New York and 109.06 yen in Tokyo earlier Thursday. The euro was up slightly at $1.1158 against $1.1154, while it edged down to 121.24 yen from 121.44 yen. On Thursday, the European Central Bank, as expected, left its ultra-loose monetary policy unchanged but upgraded slightly inflation and economic growth forecasts for the eurozone this year.