Dollar rises against yen after U.S. jobs increase
Azerbaijan, Baku, April 1 / Trend /
The dollar rose versus the yen after U.S. employers added more jobs than forecast in March, bolstering the case for the Federal Reserve to end monetary stimulus measures, Bloomberg reported.
"It's very bullish for the U.S. dollar against the yen, but we can't forget that the ECB is planning to raise interest next week so the impact on the euro could be limited," said Kathy Lien, director of currency research with online currency trader GFT Forex in New York. "As for the commodity dollars, same story. The positive surprise in nonfarm payrolls will keep risk appetite sustained."
European Central Bank President Jean-Claude Trichet signaled on March 3 that policy makers may raise interest rates at their April 7 meeting. The ECB has kept its benchmark rate at 1 percent since May 2009.
The dollar rose 1.4 percent to 84.26 per yen at 8:36 a.m. in New York, from 83.13 yesterday. It rose 0.4 percent to $1.4098 per euro, from $1.4158.
The yen headed for its longest losing streak against the dollar since July 2005. The dollar dropped 5.5 percent against the euro in the first quarter.