Dollar-Yen Falls to Low 158 Range on Disappointing ADP Jobs Data

The dollar-yen pair fell in New York foreign exchange trading on September 2, closing at 158.22. The pair had been facing heavy upside resistance since European trading hours and eventually broke down to a low of 158 range.

The August national employment report released by U.S. payroll processor ADP came in below market expectations, showing private-sector employment rose by only 38,000 in August, significantly missing the market consensus of 47,000.

Federal Reserve Bank of New York President John Williams' comments that inflation is on a gradual moderating trend and that the current level of interest rates is well positioned further fueled dollar selling.