🤑 It doesn’t get more affordable. Grab this 60% OFF Black Friday offer before it disappears…CLAIM SALE

FOREX-Dollar stays on defensive vs yen, sets 2-week low

Published 02/06/2016, 04:18 pm
Updated 02/06/2016, 04:20 pm
© Reuters.  FOREX-Dollar stays on defensive vs yen, sets 2-week low
EUR/USD
-
USD/JPY
-

* Dollar extends drop vs yen, touches 2-week low

* U.S. ADP private employment report next in focus (Updates prices, adds comments)

By Masayuki Kitano

SINGAPORE, June 2 (Reuters) - The dollar touched a two-week low against the yen on Thursday, weighed down by ongoing uncertainty over whether the U.S. Federal Reserve will raise interest rates soon.

The dollar fell 0.4 percent to 109.07 yen JPY= . The greenback touched a low of 108.825 at one point, down 2.4 percent from a one-month high of 111.455 yen that had been set on Monday.

Worries about whether Britain will vote to stay in the European Union or not later this month helped lend support to the safe haven yen, while the dollar was hampered by uncertainty over whether the U.S. Federal Reserve will raise interest rates later this month.

"While the U.S. ISM numbers yesterday were pretty good, there's still uncertainty over whether there will be an interest rate hike in June," said Masashi Murata, currency strategist for Brown Brothers Harriman in Tokyo.

Data on Wednesday showed that U.S. manufacturing grew for a third straight month in May, but factories appeared to be taking in fewer deliveries from their suppliers, which could hamper production in the months ahead. said the yen drew added strength from comments by Bank of Japan board member Takehiro Sato, who said on Thursday he was opposed to deepening negative interest rates. was among those in the nine-member board who voted against the BOJ's decision in January to add negative interest rates to its massive asset-buying programme. The BOJ has kept monetary policy steady since then.

Japan's government will set out a new growth strategy on Thursday that has already disappointed many economists for lacking the bold structural reforms. Minister Shinzo Abe announced on Wednesday that he was delaying a sales tax hike by two and a half years due to the fragility of the economy, but the move has raised concerns over how the government will cover the shortfall in revenue. dollar will await the U.S. May ADP private employment report due later in the day for potential relief, with the report often seen providing clues to the all-important non-farm payrolls data scheduled for release on Friday. ECONUS

The market will keep an eye on the European Central Bank's policy meeting later in the session, although few expect the gathering to result in fireworks as the central bank is widely anticipated to stand pat on monetary policy.

The euro rose 0.1 percent to $1.1199 EUR= , edging away from a 2-1/2 month low of $1.1097 set earlier this week.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.