Yen Drifts as Iran Deal and Payroll Data Take Center Stage

Currency markets were quiet on Thursday as investors remained cautious due to concerns about a proposed U.S.-Iran deal and jitters over impending U.S. payroll data.

The Japanese yen, which had gained some intervention-led support earlier in the week, was flat at 157.75 per dollar after modest declines for two straight sessions.

Ray Attrill, head of FX strategy at National Australia Bank, said markets were in a 'watch and wait mode' as they waited to see whether a deal would be struck between Iran and Oman to help end the U.S.-Iran conflict.

The proposed deal could give Tehran control over inbound traffic through the Strait of Hormuz, but President Donald Trump has said a deal to reopen the strait was imminent, despite U.S. officials repeatedly insisting they would never agree to Iran controlling access to the world's most important trade route for energy supplies.