The US Dollar edged higher in Thursday’s trade and is extending the current 4-week peak versus the Japanese Yen. Against the Euro, the Yen remained close to a 5-week trough. Analysts say that the greenback’s progress was helped along primarily by the recent rise in yields on US Treasury instruments, which also effectively held back the Japanese Yen. Markets are still considering the possibility of a Federal Reserve rate hike sometime this quarter which could either be supported or dismissed depending on the outcome of Friday’s labor report.
As reported at 10:39 am (BST) in London, the USD/JPY was trading at 103.676 Yen, a gain of 0.16%; the pair had earlier hit a session peak of 103.739 Yen while the daily low was at 103.31 Yen. The EUR/JPY was lower at 115.9720 Yen, down 0.06%; the pair ranged from 115.87 Yen to 116.026 in today’s trading session.
Consensus Calls for a Rise in NFP
The latest polls show that analysts are predicting a rise in non-farm payrolls to 172,000 new jobs in September from August’s 151,000. Any disappointment in the numbers will shift investors’ sentiment away from 2016 expectations of a Fed rate hike. An upbeat report could solidify expectations, however, which could give the greenback a solid and broad boost.