The dollar eased in Asian trade Monday on profit-taking after the United States posted its biggest job growth in three years, boosting hopes for recovery in the world’s largest economy.
The dollar eased to 94.36 yen in Tokyo morning trade from 94.61 yen late Friday in Paris. US currency markets were closed for the Easter holiday. The euro rose to 1.3529 dollars from 1.3478 and to 127.65 yen from 127.52, informs Pakistan News.
The dollar eased against the yen on Monday with traders pocketing profits after the greenback vaulted to its highest in more than seven months earlier in the day.
In holiday-thinned early Asian trade, the dollar rose to near the 95 yen mark, adding to a 2.8 percent climb last week, after generally upbeat jobs data indicated the U.S. economic recovery is on a solid footing, reports Reuters.
Brokers said the yen's depreciation versus the dollar, following the jobs data, also provided an added boost to the Tokyo market.
In Tokyo on Monday, the dollar weakened to the lower 94 yen level, but nonetheless remained in 94 yen territory after climbing to a seven-month high in the upper 94-yen range in New York on Friday.
Japanese exporters welcome a weaker yen relative to the dollar, as it boosts the value of profits when repatriated, says Nikkei.com.
US President Joe Biden and Iraqi Prime Minister Mustafa Al Qadimi signed an agreement on July 26 to formally end the USA's military presence in the country by the end of the year