AGL 38.22 Increased By ▲ 0.07 (0.18%)
AIRLINK 128.97 Increased By ▲ 3.90 (3.12%)
BOP 7.85 Increased By ▲ 1.00 (14.6%)
CNERGY 4.66 Increased By ▲ 0.21 (4.72%)
DCL 8.32 Increased By ▲ 0.41 (5.18%)
DFML 38.94 Increased By ▲ 1.60 (4.28%)
DGKC 81.94 Increased By ▲ 4.17 (5.36%)
FCCL 33.42 Increased By ▲ 2.84 (9.29%)
FFBL 75.71 Increased By ▲ 6.85 (9.95%)
FFL 12.82 Increased By ▲ 0.96 (8.09%)
HUBC 110.36 Increased By ▲ 5.86 (5.61%)
HUMNL 14.01 Increased By ▲ 0.52 (3.85%)
KEL 5.15 Increased By ▲ 0.50 (10.75%)
KOSM 7.67 Increased By ▲ 0.50 (6.97%)
MLCF 39.80 Increased By ▲ 3.36 (9.22%)
NBP 72.32 Increased By ▲ 6.40 (9.71%)
OGDC 188.29 Increased By ▲ 8.76 (4.88%)
PAEL 25.63 Increased By ▲ 1.20 (4.91%)
PIBTL 7.37 Increased By ▲ 0.22 (3.08%)
PPL 152.67 Increased By ▲ 8.97 (6.24%)
PRL 25.39 Increased By ▲ 1.07 (4.4%)
PTC 17.70 Increased By ▲ 1.30 (7.93%)
SEARL 82.42 Increased By ▲ 3.85 (4.9%)
TELE 7.59 Increased By ▲ 0.37 (5.12%)
TOMCL 32.57 Increased By ▲ 0.60 (1.88%)
TPLP 8.42 Increased By ▲ 0.29 (3.57%)
TREET 16.78 Increased By ▲ 0.65 (4.03%)
TRG 56.04 Increased By ▲ 1.38 (2.52%)
UNITY 28.78 Increased By ▲ 1.28 (4.65%)
WTL 1.35 Increased By ▲ 0.06 (4.65%)
BR100 10,659 No Change 0 (0%)
BR30 31,331 No Change 0 (0%)
KSE100 100,059 Increased By 790 (0.8%)
KSE30 31,285 Increased By 252.7 (0.81%)

The dollar edged back near a three-month high against the yen on Friday as investors await a raft of US data including a monthly payrolls report later in the session. The jobs data will provide more clues on whether the Federal Reserve is likely to will keep rates steady at 5.25 percent, after a strong report on regional US business activity on Thursday reinforced such views and gave a boost to the dollar.
Traders said the dollar has a chance to extend its gains above 122 yen if the jobs data is healthy, but some analysts said the market may have already priced in a strong figure and any dollar-buying may not last long. "I think the jobs data itself is unlikely to provide a positive surprise to the market," said Osamu Takashima, chief analyst at the Bank of Tokyo-Mitsubishi UFJ.
The dollar edged up to 121.85 yen after climbing as high as 121.99 yen in the previous session, the highest since mid-February. Traders are looking for a break above 122.20 yen, a 4-1/2-year high struck in January. The euro was little changed at $1.3451, remaining within a sight of a seven-week low of $1.3406 hit this week.
For the May US non-farm payrolls report, economists forecast an increase of 130,000 jobs, compared with 88,000 jobs created in April. The unemployment rate is seen at 4.5 percent, unchanged from the previous month. "The market may be more sensitive to a weaker figure after ignoring another employment report by the ADP, which was below forecast," said Masafumi Yamamoto, a currency strategist at Nikko Citigroup.
An economic derivatives auction produced an implied market forecast of a gain of 121,200 jobs in May, showing traders are looking for a figure slightly below the forecast of Wall Street economists.
The single European currency steadied at 163.90 yen staying near its record high 164.29 hit on Tuesday. High-yielding currencies got a boost from the strength in global stock markets that prompted more market players to put on more carry trades.
The Australian dollar hit a 15-year high against the yen and the New Zealand dollar struck a 17-year peak. The Canadian dollar touched a 15-year high in the previous session. For the year the Canadian dollar is up 11.6 percent against the yen, while the Aussie and kiwi are both up about 7.6 percent - outpacing the gains of the euro and dollar against the Japanese currency.

Copyright Reuters, 2007

Comments

Comments are closed.