- Asian session: The yen fell
Market news
6 May 2011
Asian session: The yen fell
The yen fell from a seven-week high on speculation Japan will intervene to curb recent gains that may hurt the overseas competitiveness of the nation’s exporters.
The Australian dollar surged after the nation’s central bank said it will likely need to raise interest rates “at some point.”
The Dollar Index slid from near the strongest in a week before a U.S. report economists said will show job growth slowed in April.
The dollar declined before data today that may show the U.S. job market’s recovery is losing momentum. U.S. employers added 185,000 jobs in April after an increase of 216,000 positions in the previous month, according to the median forecast of economists in a survey before the Labor Department’s report.
The euro strengthened against the dollar as economists surveyed by Bloomberg News said Germany’s industrial output rose 0.5 percent in March, after a 1.6 percent increase the prior month. The Economy Ministry in Berlin releases the data today.
EUR/USD: the pair bargained within the limits of $1,4530-$ 1,4580.
GBP/USD: the pair bargained within the limits of $1,6370-$ 1,6430.
USD/JPY: the pair shown high in the field of Y80,60 then slightly decreased.
German industrial output data for March is also due, at 1000GMT.
The main event comes at 1230GMT, when non-farm payrolls are expected to rise 185,000 in April. Private payrolls are seen up 200,000. The unemployment rate is forecast to stay at 8.8% after four straight declines. Hourly earnings are expected to post a 0.2% rise following flat readings in February and March, while the average workweek is forecast to hold steady at 34.3 hours for another month.
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