Dollar rises against yen after US jobs report

GMT 11:52 2015 Monday ,10 August

Arab Today, arab today Dollar rises against yen after US jobs report

US dollar
Tokyo - AFP

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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