USD/JPY around 102 before U.S. Jobs Data

The dollar held a gain versus the yen before U.S. data forecast to show jobs growth accelerated last month from the slowest pace in almost three years, adding to speculation the Federal Reserve will continue trimming stimulus.

The yen weakened against all 16 major peers yesterday as a U.S. report showed claims for unemployment benefits fell last week, helping drive global stocks to their biggest advance this year and sapping demand for haven currencies. The euro remained higher against the dollar following its biggest advance in two weeks after the European Central Bank refrained from adding stimulus measures.

“I see a good chance markets will recover from disappointment caused by the December jobs data, which I think could be revised upward,” said Noriaki Murao, the New York-based managing director of the marketing group at the Bank of Tokyo-Mitsubishi UFJ Ltd. “Dollar-yen is more likely to be bought if the jobs figures turn out to be good.”


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