Forex – Dollar at 2-month highs vs. yen after U.S. jobs report-SapForex24

The dollar was trading at two-month highs against the yen on Monday after a stronger-than-forecast U.S. jobs report indicated that the Federal Reserve would stick to plans for a third rate hike this year.

The U.S. economy added 222,000 jobs last month the Labor Department reported on Friday, more than the 179,000 new jobs expected by economists.

The rapid pace of jobs growth reassured investors that the economy is on a strong enough footing to justify the Fed’s plans to raise interest rates once more this year.

The Fed hiked rates at its June meeting and stuck to its forecast for one more rate hike this year, but concerns over subdued inflation outlook had raised doubts over whether officials would be able to stick to their planned tightening path.

FOREX and COMEX MARKET UPDATE-SAPFOREX24

In Japan, data on Monday showed that core machinery orders unexpectedly fell for the first time in eight months in May, raising doubts that the economic recovery is losing momentum.

Meanwhile, Bank of Japan Governor Haruhiko Kuroda in a speech overnight reiterated that the bank is resolved to keep its stimulus program in place until inflation is in line with its 2% target.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 95.77.

The euro was little changed against the dollar, with EUR/USD at 1.1403.
The single currency rose to 17-month highs against the yen, with EUR/JPY climbing 0.31% at 130.29.

Sterling was steady against the dollar, with GBP/USD at 1.2897, not far from Friday’s low of 1.2866.

Elsewhere, the Canadian dollar eased, but remained within striking distance of Friday’s 10-month highs, with USD/CAD at 1.2890.

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