USD/JPY Moving Back Towards 100 on Signs U.S. Economy Picking Up

The yen held a loss against the dollar after its biggest decline in two weeks on signs the U.S. recovery is gathering pace.

The yen traded 0.9 percent from 100 per dollar after figures on May 3 showed the U.S. jobless rate unexpectedly fell to a four-year low. Australia’s currency slid against 15 of its 16 most-traded peers before a report forecast to show retail sales slowed, a day before the central bank decides on interest rates.

“Stronger U.S. data provided a fresh reason to sell the yen,” said Sean Callow, a senior currency strategist in Sydney at Westpac Banking Corp. “We needed something positive from the U.S. side to get back above 99, so now of course we start to think about 100 again.”

Bloomberg

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