639

Greenback soars as Tokyo shares recover

During Asia trade on Monday the major US currency grew against the Japanese yen, raised by dip buying as well as an obvious improvement in risk sentiment as for the recovery of Tokyo stocks. 

In New York on Friday, the greenback soared from ¥116.97 to ¥117.22. The US dollar also climbed up against the euro, which dipped to $1.1146 from $1.1153. Meanwhile, the WSJ Dollar Index, a standard measure of the greenback against a basket of key currencies, grew 0.1% at 89.82. 

Having  approached a two-week dip of ¥116.28 on Friday right after a mixture of good and bad spots in American jobs data for January, the US dollar went up during Asia trade, thus reacting that Japanese importers as well as other market participants were purchasing the greenback on dips earlier during the morning session.  

Though nonfarm payrolls surged at a relatively low pace, the unemployment rate dived to the lowest value since February 2008, and average hourly earnings surged, this may give the Fed a little more support to increase interest rates this year.   

Some analysts state that investors will most likely stay on the sidelines, waiting for further comments from the Fed’s officials during the upcoming congressional testimony in the middle of this week.    

 

 

Scroll to top