Dollar Weakens as Yen Holds Gains After Sudden Surge
The US dollar has weakened ahead of a crucial jobs report release, while the Japanese yen has maintained its gains after a sudden surge. The US dollar index declined by 0.04% to 99.56 points, measuring the dollar's value against six major currencies.
The yen was steady at 158.88 per dollar, having jumped 0.9% overnight. This move caught market participants off guard and left them on alert for an official intervention from Tokyo.
Other major currencies were affected by the shift in exchange rates. The euro rose to $1.1589, while the British pound attempted a bounce from its three-week low at $1.3482.
The New Zealand dollar rose 0.07% to $0.5856, and the Australian dollar held near a high of over three months at $0.7166. The Canadian dollar also maintained its overnight gains at $1.3836 after the Bank of Canada signaled its readiness to tighten policy to combat inflation.