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Forex - Dollar at 2-month highs vs. yen after USA jobs report

11 July 2017

The dollar hit a four-month high against the yen but global equity markets turned lower on Tuesday as investors awaited testimony by Federal Reserve Chair Janet Yellen this week and any signs of tighter USA monetary policy.

At present the markets expect one more interest-rate increase in the United States this year, and perhaps some reduction of the Fed's huge balance sheet.

However, the ringgit appreciated against the yen to 3.7572/7612 from 3.7600/7629 and weakened versus the pound to 5.5423/5479 from 5.5247/5298 on Monday. The latest US economic reports, particularly for jobs, have been upbeat.

The greenback was up 0.15 percent to 114.05 yen, after hitting a two-month high of 114.29 yen, earlier in the session.

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MARKETS OVERSEAS: In Europe, Germany's DAX was up 0.3 percent, while France's CAC40 was down 0.2 percent. The broader All Shares declined by 0.04 percent or 1.73 points to finish at 4,735.12. Lately the bond market has been selling off on any signs that foreign central banks might scale back on stimulus measures.

The Fed last month raised the benchmark interest rates for the fourth time since December 2015 and unveiled a plan to trim its holdings of U.S. Treasury bonds and other mortgage-backed securities later this year.

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Forecasters are divided on whether the central bank will hike rates but data from the overnight index swaps market show that money markets are nearly fully priced for an increase.

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The Canadian dollar rose against its US counterpart, trading at C$1.2922 compared with C$1.2891 late Monday in NY.

Investors will also keep an eye out on a few USA economic reports, with Friday's inflation data in the spotlight, for further clues on the timing of the next Fed rate hike.

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

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