USD/JPY around 101.50 on Uneven Recovery

The dollar dropped to almost a three-month low against the yen as reports on company employment and service-industries growth showed mixed results, underscoring the economy’s uneven recovery.

The euro traded at almost a 10-week low versus Japan’s currency as retail sales in the region slumped and amid speculation the European Central Bank will hold down interest rates. Argentina’s peso gained the most among emerging-market currencies after the central bank placed limits on the amount of foreign currency commercial banks can hold. The U.S. nonfarm payrolls report is due Feb. 7.

The company-employment “number wasn’t dramatic on either side — it really focuses the attention back on the jobs numbers,” said Chris Gaffney, co-chief investment officer at EverBank Wealth Management Inc., by phone from St. Louis. “The dollar has lost some of its safe-haven appeal. The economic numbers we’ve seen in 2014 are bringing investors back to a more realistic assessment of the economy.”


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