Reuters: US Dollar Report: FOREX-Dollar rises to two-week high vs yen on U.S. jobs data

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FOREX-Dollar rises to two-week high vs yen on U.S. jobs data Oct 5th 2012, 14:12 Fri Oct 5, 2012 10:12am EDT * U.S. unemployment rate drops to 4-year low * Jobs report won't keep Fed from doing QE * BoJ keeps monetary policy steady By Gertrude Chavez-Dreyfuss NEW YORK, Oct 5 (Reuters) - The dollar climbed to two-week highs against the yen on Friday after U.S. data showed the unemployment rate dropped to near a four-year low in September, suggesting an improving labor market. The euro also rose to a two-week high versus the greenback and yen. The Australian and New Zealand dollars recovered from recent selling. While new jobs created last month were broadly in line with expectations, the unemployment rate was lower than expected and payroll figures for July and August were revised higher by 86,000 jobs. "The details were about as good as they realistically could be under the circumstances," said Michael Woolfolk, senior currency strategist at BNY Mellon in New York. The euro rose as high as $1.3050, the highest since Sept. 21. It was last at $1.3047, up 0.2 percent. Strategists said the euro could rise further but there was resistance around $1.3172, the September high. Against the yen, the euro advanced to a two-week peak of 102.80, up 0.6 percent. Marc Chandler, global head of currency strategy at Brown Brothers Harriman in New York, said the U.S. employment report was "decidedly mixed." He cited the household survey which showed 873,000 more jobs created, "the most in a couple of decades," but two-thirds of these were part-time jobs. He also pointed to data in the report showing factories lost 16,000 jobs in September. Over the past three months, factories have lost about 21,000 net jobs. "The favorable trend for manufacturing employment has clearly leveled off," Chandler said. Some analysts said the U.S. jobs data was not strong enough for the Federal Reserve to consider ending monetary easing. YEN-AVERSE INVESTORS Investors are wary of buying the yen on concerns that the Japanese authorities could intervene to weaken it. Japanese officials have expressed concerns about the strength of the yen in recent weeks. The yen earlier nudged higher after the Bank of Japan kept monetary policy unchanged and held off from additional easing measures. The reaction was limited, however, as Friday's decision was in line with expectations. Traders said the dollar would probably find support from buyers at 78.00 yen, while the resistance came in at the 100-day moving average around 78.83 yen. Link this Share this Digg this Email Reprints

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