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Forex - Broadly weaker dollar hits 5-week low against yen

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Forex Pros - The broadly weaker U.S. dollar slid to a five-week low against the yen on Thursday, hitting the lowest level since the Group of Seven joined the Bank of Japan in selling the yen on March 18.

USD/JPY hit 80.24 during early European trade, the pair's lowest since March 18; the pair subsequently consolidated at 80.27, shedding 0.43%.

The pair was likely to find short-term support at 80.00 and resistance at 81.19, Wednesday's high.

Data on Wednesday showing weaker-than-expected U.S. private sector employment growth and a slowdown in the service sector further underlined expectations that the Federal Reserve will not raise rates in the coming months.

The dollar has fallen 6% from a high near 85.50 reached early last month, following a coordinated G7 intervention after Japan's earthquake, tsunami and nuclear crisis.

Meanwhile, the yen was fractionally lower against the euro, with EUR/JPY easing up 0.02% to hit 119.55.

Later Thursday, the U.S. was to publish official data on initial jobless claims and Federal Reserve Chairman Ben Bernanke was to speak.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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