Dollar Gains Against Yen Amid Iran Deal Hopes
The US dollar has seen an increase against the Japanese yen as investors await details on a proposed deal to end the Iran conflict. This comes ahead of the monthly US jobs report, which is due out on Friday.
The dollar has been recovering from recent intervention-driven losses that pushed it to a 13-week low against the yen following joint action by Japanese and US Treasury authorities to prop up the currency.
'When you strengthen the yen, you by definition weaken the dollar,' said John Velis, FX and macro strategist at BNY. 'But the idea of a possible deal in the Persian Gulf has taken some of the dollar premium off with lower oil prices.'
The euro was down about 0.29% at $1.1519 and sterling fell 0.12% at $1.3454.
Economists are expecting US nonfarm payrolls to have risen by 80,000 last month after an increase of 57,000 in June, according to a Reuters survey.