Yen goes down as Tokyo stocks surge after Japan elections

On Monday, the safe-haven Japanese yen edged down following an improving investor appetite, in turn reacting to a soar in Tokyo shares. However, traders told that the evergreen buck would be capped longer term amid rumors that the Fed would remain cautious as for its interest rates.       

The greenback surged 0.8% to 101.37 yen having dropped to as low as 99.99 yen on Friday ahead of the US jobs data. The euro gained 0.8% at 112.020 yen.

Job creation in June appeared to be much stronger than expected, soaring by 287,000 and relieving fears that American labor market might be faltering. However, the report didn’t change the point of view that the Fed might not lift rates already this year, especially after May payroll growth got revised down from 38,000 to11,000.       

The common currency stood still at $1.1045 , after reviving from Friday's minimum of $1.1002. The dollar index soared 0.1%, hitting 96.351, keeping to an 11-day peak of 96.697 gained on Friday.

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