Dollar Rebounds Against Yen as Investors Await US Jobs Report
The US dollar has regained some ground against the Japanese yen after a recent slump. It rose by 0.44% to 158.45 on Thursday, marking its third consecutive day of gains since hitting a 13-week low at 155.20 on Monday.
This increase is partly due to safe-haven positioning from investors awaiting news on a proposed deal to end the Iran conflict and ahead of the US jobs report on Friday. The dollar had fallen against the yen after joint action by Japanese and US Treasury authorities to prop up the Japanese currency.
According to John Velis, FX and macro strategist at BNY, '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 with lower oil prices and so forth.'
The euro fell by 0.28% to $1.1521, while sterling declined by 0.15% to $1.34485.