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Forex - Dollar falls against yen in Asia as recent gains reassessed

Published 11/27/2016, 08:26 PM
Updated 11/27/2016, 08:28 PM
Dollar weaker against yen in Asia

Dollar weaker against yen in Asia

Investing.com - The dollar fell sharply against the yen in Asia on Monday as recent gains for the greenback were reassessed ahead of U.S. jobs data at the end of the week.

USD/JPY traded at 112.09, down 1.00%, while AUD/USD traded at 0.7440, down 0.05%

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted down 0.32% at 101.16. On Thursday, the index surged to highs of 102.07, a level not seen since April 2003.

This week brings U.S. nonfarm payrolls report for November on Friday as well as data on U.S. economic growth and manufacturing for fresh indications on the likelihood of a December rate hike. Investors will also be watching euro zone inflation data and manufacturing reports out of the U.K. and China.

On Monday, European Central Bank President Mario Draghi is due to testify about the ECB’s outlook on economic and monetary developments and the consequences of Brexit to the Economic Committee in the European Parliament.

Last week, the dollar fell against a currency basket in holiday-thinned trade on Friday as investors took profits after a powerful rally that propelled the U.S. currency to almost 14-year highs. U.S. markets were closed Thursday for the Thanksgiving holiday and Friday was a half-day session.

The dollar has also been boosted by the view that a rate hike by the Federal Reserve in December is a near certainty. According to Investing.com's Fed Rate Monitor Tool, odds for a rate hike at the Fed's December 13-14 meeting are at 95.4%.

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