Thursday, 1 May 2014

Forex Trading: Greenback Surges Up Against The Yen


The greenback made a comeback against the yen as data predicts a fall in jobless claims and an increase in hiring in April. More support was drawn to the greenback with the expectations of positive U.S. data on consumer spending and manufacturing growth.

The positive Chinese data for April showing better PMI readings facilitated a two-day gain by the Australian dollar. The dollar traded at 102.29 against the yen as of 1:02 p.m. in Tokyo. This was high from yesterday level of 102.24, when it moved down by 0.4 %.

Against the euro, the dollar kept steady at 1.3870 after decreasing by 0.4 % in New York. The yen also kept steady against the euro and traded at 141.88 per euro. Markets in China, Hong Kong, Singapore, South Korea and Switzerland will remain closed due to public holiday on May 1.