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Dollar down against yen in early Asia after Harvey, Wyoming

8/28/2017, 3:45:43 PMTrading Strategies
Dollar down against yen in early Asia after Harvey, Wyoming

The dollar traded weaker against the yen on early Monday in Asia as investors failed to get some cues from the Fed at the weekend on policy and the economic impact of the massive Hurricane Harvey in Texas was still being assessed.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted down 0.82% at 93.47.

USD/JPY changed hands at 109.24, down 0.12%, while AUD/USD traded up 0.19% to 0.7949.. EUR/USD was last quoted up 0.24% to 1.1955, while GBP/USD rose 0.23% to 1.2908.

This week, Friday’s U.S. jobs report for August is in focus to gauge how it will impact on the path of Fed policy. Traders will also be closely watching a revised reading of U.S. second quarter growth.

Financial markets in the UK are closed on Monday.

Last week, the dollar fell against a basket of the other major currencies on Friday and plumbed its lowest level against the euro in more than two years as investors digested speeches by global central bank officials.

The dollar weakened after a speech by Federal Reserve Chair Janet Yellen at the Jackson Hole economic symposium made no reference to monetary policy, disappointing some investors who had hoped she would sound a hawkish tone.

The dollar index has fallen around 10% so far this year amid ongoing uncertainty over the economic agenda of U.S. President Donald Trump and doubts that the Fed will deliver a third rate hike this year
Lower rates typically weigh on the dollar by making U.S. assets less attractive to yield-seeking investors.

EUR/USD hit thew highest since January 2015. It was up 1.06% at 1.1924 late Friday, its largest one day percentage gain in two months.

The single currency was boosted after a speech by European Central Bank President Mario Draghi avoided giving any new indication as to when the bank might wind down its stimulus program, but acknowledged that the recovery in the euro area is gaining momentum.

The euro has risen more than 8% against sterling so far this year, reflecting the diverging economic outlook for the euro zone and the UK and its implications for monetary policy