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Dollar trades in mid-101 yen range before ECB meeting, U.S. jobs data

February 5, 2014

TOKYO , Feb. 6 -- ( Kyodo ) _ The U.S. dollar moved mostly in the mid-101 yen range Thursday morning in Tokyo in subdued trading ahead of the European Central Bank's policy meeting and the release Friday of U.S. jobs data. At noon, the dollar fetched 101.42-43 yen compared with 101.40-50 yen in New York and 101.23-25 yen in Tokyo at 5 p.m. Wednesday . The euro was quoted at $1.3534-3535 and 137.26-29 yen against $1.3529-3539 and 137.25-35 yen in New York and $1.3509-3511 and 136.76-80 yen in Tokyo late Wednesday afternoon. In New York on Wednesday, the dollar dipped below 101 yen as Automatic Data Processing Inc.'s report on U.S. private-sector jobs in January fell below market forecast, dealers said. But the U.S. currency regained its footing after the Institute for Supply Management's nonmanufacturing report for January showed improvement. The mixed signals will have little effect on market expectations leading up to official U.S. jobs data due out Friday, especially considering past disparities between the ADP report and official jobs data, said Yuji Saito , director of foreign exchange at Credit Agricole Corporate & Investment Bank in Tokyo . The consensus forecast among economists is for a net increase of 180,000 in nonfarm jobs in January, and a lower number would cause a sell-off in risk assets, Saito said. "Overall risk-taking sentiment is down, so weak data would spur (market participants) to move accordingly." The euro maintained gains against the dollar and the yen ahead of the European Central Bank's policy meeting later Thursday. The central bank is expected to implement further easing in the near future and market focus is on whether it will do so at the meeting, Saito said.


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Source: Japan Economic Newswire


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