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© Reuters.
By Peter Nurse
Investing.com – The US dollar lost positions at the start of trading on Friday in Europe ahead of the monthly jobs report, and the yen weakened after the Bank of Japan decided to maintain its super-prudent stance.
By 9:00 AM ET (0900 GMT), the , which tracks the currency against a basket of six other major currencies, was down 0.2% at 105.125, but on track for a weekly gain of 0.7 %.
The dollar has reversed some of the week’s strong gains after weekly data released Thursday showed the number of Americans filing new jobless claims posted its biggest rise in five months.
However, the losses have been minor as traders await the highly anticipated monthly release this Friday. Earlier this week, the chairperson of the Federal Reserve, , expressly mentioned that this economic data would influence the central bank’s monetary policy stance with regard to further increases in .
All indications are that non-farm employment will have increased by 205,000 jobs last month, which is a slowdown from 517,000 jobs in January, but there is the possibility of another upward surprise, especially after Powell’s aggressive tone in his semi-annual appearance before Congress.
Elsewhere, the pair rises 0.2% to the 136.32 level after he decided to keep interest rates at record lows this Friday and stated that he will continue his ultra-loose monetary policy in the last meeting with the governor. Haruhiko Kuroda in command.
Kazuo Ueda will take over as head of the central bank, and has signaled that he will maintain the Bank of Japan’s ultra-loose stance, at least in the short term.
The pair points up a 0.2% rise to the 1.0602 level, after German consumer prices, harmonized for comparison with those of other European Union countries, rose 9.3% year-on-year in February and 1% for the month as a whole.
While these figures confirm the preliminary data, they also illustrate the difficulties the will have in bringing eurozone inflation back to its medium-term target of 2.0%.
The pair is up 0.2% to the 1.1947 level, after learning on Friday that the UK’s rose 0.3% m/m in January, above the 0.1% expected.
Signs that the UK economy is showing some resilience could help him decide to raise interest rates again this month.
The pair is up 0.2% to the 0.6600 level, the is up 0.2% to 0.6114 and the is up to 6.9660.
The pair is nearing record lows against the dollar after severe earthquakes last month and as the country continues to pursue unorthodox monetary policies under President Tayyip Erdogan.
The lira lost 30% of its value against the dollar in 2022 and 44% the year before.
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