LONDON, May 3 — The yen was headed for its biggest weekly gain in 16 months today, helped by Japan’s suspected intervention this week to pull the currency away from 34-year...
A man walks by an electronic screen displaying a graph showing Japanese Yen exchange rates surged against the U.S. dollar amid signs of intervention by Japanese authorities in Tokyo May 2, 2024. — Reuters picLONDON, May 3 — The yen was headed for its biggest weekly gain in 16 months today, helped by Japan’s suspected intervention this week to pull the currency away from 34-year lows, while the dollar index fell to a three-week low ahead of US jobs data.
Traders were left on tenterhooks for any further huge swings in the yen after Tokyo was suspected to have intervened to support its currency this week, on Monday and on Wednesday, to the tune of some ¥9.16 trillion , as suggested by data from Bank of Japan.
Traders are now looking to US nonfarm payrolls data due later today, after Federal Reserve Chair Jerome Powell told reporters that interest rates might have to remain elevated for longer but shot down talk of raising them again.The dollar index, measuring the currency against six peers including the surging yen, edged 0.08 per cent lower to 105.22 after hitting its lowest since April 11. It was headed for its biggest weekly fall in almost two months, down 0.8 per cent this week.
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