Dol­lar rises against yen af­ter US jobs re­port

The Pak Banker - - INTERNATIONAL BUSINESS/SPORTS -

The dol­lar rose against the yen in Asia on Mon­day af­ter a solid US jobs re­port boosted ex­pec­ta­tions the Fed­eral Re­serve will soon lift in­ter­est rates. In Tokyo, the green­back ticked up to 124.40 yen from 124.22 yen in New York on Fri­day. The euro edged higher to $1.0972 and 136.48 yen, from $1.0962 and 136.16 yen.

"Play­ers re­ac­tion to the US jobs data was mixed, but the fig­ures were not so bad in gen­eral," said Yo­suke Hosokawa, head of the FX sales team at Su­mit­omo Mit­sui Trust Bank. "There may be some ad­just­ment, but it is un­likely to see the cur­rent dol­lar-buy­ing sen­ti­ment re­verse ahead of the ex­pected rate hike.

"Play­ers will con­tinue to fo­cus on key US eco­nomic fig­ures that give some sense of the tim­ing for a rate rise," he added. The La­bor Depart­ment said Fri­day the US added 215,000 jobs last month and that un­em­ploy­ment held steady at a seven-year-low rate of 5.3 per­cent. The re­port brought av­er­age monthly jobs gains to 235,000 over the past three months, height­en­ing ex­pec­ta­tions the Fed could raise its near-zero fed­eral funds rate as early as next month. The dol­lar, how­ever, weak­ened against other Asia-Pa­cific cur­ren­cies. It slipped to Sg$1.3847 from Sg$1.3863 on Fri­day, to Tw$31.64 from Tw$31.67, to 63.76 In­dian ru­pees from 63.83 ru­pees, to 13,540.50 In­done­sian ru­piah from 13,548.00 ru­piah, and to 35.12 Thai baht from 35.17 baht. The dol­lar also turned down to 45.73 Philip­pine pe­sos from 45.80 pe­sos, and to 1,163.13 South Korean won from 1,167.83 won. The Aus­tralian dol­lar firmed to 73.97 US cents from 73.65 cents, while the Chi­nese yuan fetched 20.01 yen against 20.10 yen.

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