Dollar gains against the euro – Some positive reports from the euro-zone, including the continuing improvement in German employment figures, were not enough to withstand pro-U.S. dollar sentiment as forex trading progressed on Aug. 4. Forex traders noted that earlier this week Federal Reserve Chairman Ben Bernanke opined that the economy has stabilized and that there are signs of an expansion. A monthly private-sector job report hinted that the next monthly Labor Department job report will bring some good news. The euro hit a three-month high against the greenback on Aug. 3, hitting 1.3261. Gains could be reversed by a gloomy U.S. jobs report from DOL due out on Aug. 6. At press time (1:20 p.m. in New York), the euro was trading at 1.3137 USD.
Yen flirts with new gains versus the dollar – The U.S. dollar has rebounded against the Japanese yen and at press time (1:20 p.m. in New York) was trading at 86.1999. Earlier today, there were concerns that the greenback could come close to the eight-month low of 85.32 JPY. Forex analysts attribute the rebound, in part, to a positive report regarding private-sector job creation in July. ADP Employer Services said 42,000 jobs were created. However, some employment analysts have suggested the monthly report has a history of getting it wrong. The Labor Department will release its July jobs figure on Aug. 6. Meanwhile, on the other side of the Pacific, there was no indication that the Japanese government is dusting off its intervention contingency plans. “Our fundamental stance is that foreign exchange rates are something that should basically be set by the market,” Foreign Minister Yoshihiko Noda was quoted as telling a legislative panel.
Yen flirts with new gains versus the dollar – The U.S. dollar has rebounded against the Japanese yen and at press time (1:20 p.m. in New York) was trading at 86.1999. Earlier today, there were concerns that the greenback could come close to the eight-month low of 85.32 JPY. Forex analysts attribute the rebound, in part, to a positive report regarding private-sector job creation in July. ADP Employer Services said 42,000 jobs were created. However, some employment analysts have suggested the monthly report has a history of getting it wrong. The Labor Department will release its July jobs figure on Aug. 6. Meanwhile, on the other side of the Pacific, there was no indication that the Japanese government is dusting off its intervention contingency plans. “Our fundamental stance is that foreign exchange rates are something that should basically be set by the market,” Foreign Minister Yoshihiko Noda was quoted as telling a legislative panel.
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