Dollar Reaches Two-week Highs Vs Yen, On Track for the 3th Straight Daily Increase
Aug, 31st 03:58
The U.S. dollar held on to gains from Wednesday’s rally in Asia on Thursday, surging to a two-week high versus its Japanese counterpart thanks to upbeat U.S. economic data while demand for haven assets decreased as geopolitical tensions in the region eased.
The currency pair USDJPY added nearly 0.3 percent to trade at 110.55 yen per dollar, the strongest level since August 16th 2017. The greenback remained strong after data showed U.S. employments and growth rates were better than expected.
While the ADP reported that U.S. private employers added 237,000 jobs in August (analysts had forecast a gain of 183,000 jobs), the Commerce Department posted Q2 GDP growth rate of 3% – the fastest quarterly growth rate in more than two years.
By contrast, shares advanced on Thursday on the back of strengthening Chinese factory gauges, sapping demand for safe-haven assets such as the yen.
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