Business · Markets · 18 hrs ago
Yen falls to mid-158 range against dollar after strong US jobs data
The yen fell to about 158.5 per dollar in early Tokyo trading on Monday.
It was 53 sen weaker than at the end of the previous week.
The move followed US figures showing 165,000 jobs were added in October, well above market expectations of 59,000.
The US unemployment rate also improved, from 4.2% to 4.1%, and earlier job figures were revised upward.
Markets saw the strong jobs data as supporting a December Fed rate increase, which can make the dollar more attractive and put pressure on the yen.
The yen also weakened against the euro, while the euro fell against the dollar.
The yen weakened to 158.47–158.48 per dollar in early Tokyo trading on Nov. 9.
The rate was 53 sen weaker against the dollar than at 5 p.m. the previous Friday.
Stronger-than-expected US employment data increased expectations of another US interest-rate rise this year, encouraging yen selling and dollar buying.
US nonfarm payrolls rose by 165,000 in October, above the market forecast of 59,000.
The yen also weakened against the euro, trading at 176.58–176.61 yen per euro.
- Who
- The yen and the US dollar were the currencies in focus.
- What
- The yen weakened to the mid-158 range against the dollar. Strong US jobs data contributed to the decline.
- When
- Early on Nov. 9, with the exchange rate reported at 8:30 a.m. Tokyo time.
- Where
- The Tokyo foreign exchange market.
- Why
- October US nonfarm payroll growth exceeded market expectations, strengthening expectations of another US rate rise this year.
This story does not have two clearly opposing sides.
US October employment data showed nonfarm payrolls had risen by 165,000, above the market forecast.
The dollar traded at 158.47–158.48 yen in the early Tokyo foreign exchange market.
- Dollar exchange rate
- 158.47–158.48 yen at 8:30 a.m. Tokyo time on Nov. 9
- Change from previous Friday
- Yen weakened by 53 sen against the dollar
- October US payroll growth
- 165,000, compared with a market forecast of 59,000
- US unemployment rate
- 4.1%, down from 4.2% the previous month
- Euro exchange rate
- 176.58–176.61 yen at 8:30 a.m. Tokyo time on Nov. 9