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Forex - Dollar lower vs. yen after U.S. jobs data

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Investing.com - The dollar was lower against the yen on Monday as Friday's weaker-than-forecast U.S. jobs data dampened expectations that the Federal Reserve will soon start to unwind its asset purchase program.

USD/JPY hit 98.33 during late Asian trade, the lowest since August 1; the pair subsequently consolidated at 98.43, shedding 0.53%.

The pair was likely to find support at 97.64, the low of August 1 and resistance at 99.56, the high of August 1.

Official data on Friday showed that the U.S. economy added 162,000 jobs in July, less than the 184,000 increase forecast by economists. June's figure was revised down to 188,000 from a previously reported 195,000.

The unemployment rate ticked down to 7.4% from 7.6% in June, as more people left the labor force.

The soft data saw investors pare expectations that the Fed would begin to taper its USD85 billion-a-month bond buying program at its monthly meeting in September.

The yen was also higher against the euro, with EUR/JPY falling 0.58% to 130.65.

Investors were looking ahead to the Institute for Supply Management's non-manufacturing index later Monday, as well as euro zone data on retail sales.

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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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