Yen on track for first weekly profit in three versus greenback

2018-12-07 10:08:44 GMT (
Yen on track for first weekly profit in three versus greenback

Dollar rose in Asian trade off October 29 lows against yen following a spate of data from Japan and ahead of highly-anticipated US payrolls data later today. 


As of 06:33 GMT, USD/JPY rose 0.15% to 112.85, with an intraday high at 112.93, and a low at 112.65. 


Earlier Japanese data showed household spending fell 0.3%, compared to a 1.6% increase in September, while average wages rose 1.5%, beating estimates of 1$. 


A composite index combining several economic indicators fell to 100.5 from 104.3, while Bank of Japan Governor Haruhiko Kuroda said in earlier remarks that Japan's economy is growing at a decent clip, while risks are mostly coming from foreign tensions. 


Kuroda said the BoJ will carry on its quantitative easing program until inflation hits 2%, while noting how the economy still lacks strong momentum for the time being. 


Now markets await the crucial US payrolls report, with the unemployment rate expected at 3.7% with no change, while average earnings are estimated with a 0.3% increase, up from 0.2% in October. 


The economy is expected to have created 198 thousand new jobs last month, slowing down sharply from 250K, while wholesale inventories are estimated with a 0.7% increase, same as October. 


The UoM consumer sentiment survey is estimated with a small dip to 97.0 this month from 97.5 in November. 

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