Dollar Climbs Against Yen as Markets Eye Iran Deal and Jobs Report

The US dollar rebounded against the Japanese yen on Thursday, driven by safe-haven positioning as investors awaited details on a proposed deal to end the Iran conflict and ahead of the monthly US jobs report.

The dollar has been recovering from intervention-driven losses that pushed it to a 13-week low against the yen. The dollar was last up 0.41% against the yen at 158.41, on track for its third straight session of gains after weakening to as low as 155.20 on Monday.

'When you strengthen the yen, you by definition weaken the dollar,' said John Velis, FX and macro strategist at BNY. 'But the idea that maybe there's some good news on a ceasefire or a deal in the Persian Gulf has taken some of the dollar premium off.'