The dollar rose for the first time in three days against the yen before a government report that economists say will show U.S. employers added the most jobs in three months, backing the case for higher interest rates.
The Bloomberg Dollar Spot Index was little changed after last week completing the longest series of gains in almost two years as traders weigh whether recent advances have been too rapid amid a drop in U.S. Treasury yields. The euro climbed yesterday as the European Central Bank failed to provide details on the size of a plan to buy private debt. The yen was set for its first weekly gain in two months as Japanese policy makers expressed concern a weak currency is hurting some companies.
“If the U.S. jobs data are good, the dollar will strengthen,” said Kazuo Shirai, a trader at Union Bank NA in Los Angeles. “U.S. yields have been whipsawed without a clear sense of direction as recent data have been mixed. I still think dollar long is the way to go.”
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