TOKYO, (APP/AFP) – The dollar struggled
Friday as markets focus on US jobs data later in the day, after the Federal Reserve chief threw cold water on hopes for an imminent rate hike.
The payrolls report will give a key clue about the state of the
world’s top economy, with a strong reading likely to reignite hopes that the Fed will lift borrowing costs this year, after a December hike.
The greenback has fallen against all its 16 major peers this week as
central bank boss Janet Yellen suggested the global slowdown would delay any
more rate moves.
“Payrolls will provide the key directional cue for markets, even if
it may no longer have direct near-term implications for the Fed,” Sue Trinh, head of Asian foreign-exchange strategy at Royal Bank of Canada, told Bloomberg News.
In Tokyo, the dollar bought 112.17 yen, down from 112.60 yen in New
York Thursday, while the euro fetched $1.1383 and 127.69 yen, compared with $1.1377 and 128.11 yen in US trade.
The dollar made gains against some emerging currencies, including the
Thai baht, Philippine peso, Taiwan dollar and South Korean won.
The yen has won support from falling equity markets and as jitters
over China’s economy push traders into a currency seen as a safe bet in times of turmoil.
On Friday, the Bank of Japan’s closely watched Tankan survey showed
that confidence among Japan’s biggest manufacturers dropped last quarter to its lowest level since Prime Minister Shinzo Abe kicked off his much-vaunted
programme to boost growth three years ago.