Yen Slides as Markets Wait on US-Iran Deal and Jobs Report

Currency markets drifted on Thursday as investors awaited more details on a proposed U.S.-Iran deal and looked ahead to Friday's U.S. jobs report.

The Japanese yen was a touch softer at 157.88 per dollar, having retraced some intervention-led gains from Monday's low of 155.20 per dollar.

Jonas Goltermann, chief markets economist at Capital Economics, said that the current round of intervention has a better chance of propping up the yen for longer than previous ones due to 'stretched positioning', U.S. involvement, and the yen being historically undervalued.

The dollar index edged higher after hitting a six-week low on Monday, but remained near 99.76.

Markets were also watchful as tensions continued in the Gulf, with Reuters reporting a proposed deal between Iran and Oman that could give Tehran control over inbound traffic through the Strait of Hormuz.