Tokyo – SABA:
The Japanese yen climbed to a nine-week high as traders increased bets on further interest rate hikes in Japan this year. Meanwhile, the US dollar and other major currencies remained steady ahead of the US monthly jobs report, which is set to be released later today, Friday.
After a volatile week dominated by US tariff threats, traders adopted a wait-and-see approach ahead of the jobs data, focusing on geopolitical developments and US President Donald Trump's policy moves.
According to Reuters, economists expect the US unemployment rate to remain steady at 4.1% in January, with 170,000 jobs added. However, some analysts believe January’s employment data may be difficult to interpret.
The US dollar index, which measures the currency's performance against the yen, pound sterling, and other major currencies, held steady at 107.69 after reaching 109.88 earlier this week amid US tariff threats.
Meanwhile, the yen continued its upward trend amid expectations of further interest rate hikes by the Bank of Japan.
The US dollar fell 0.25% to 151.09 yen, dropping below 151 for the first time since December 10 in early Asian trading.
The euro remained mostly unchanged at $1.0382, while the British pound declined 0.1% to $1.2426 after the Bank of England projected higher inflation and lower growth after its monetary policy meeting on Thursday.
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