TOKYO: The dollar rose in Asia on Wednesday with investors expecting a solid US jobs report in the coming days and for the European Central Bank (ECB) to cut interest rates.
In midday Tokyo trading, the greenback climbed to 102.77 yen, up from 102.52 yen in New York Tuesday afternoon.
The euro slipped to $1.3610 from $1.3627, while it edged up to 139.82 yen from 139.73 yen.
Payrolls firm ADP will release an employment report for May on Wednesday, which is expected to show solid gains, Credit Agricole said.
A solid ADP report would be taken as a good indication of what is to come in the monthly non-farm payrolls data from the Labor Department on Friday.
The Fed's Beige Book on the country's regional economies, due later Wednesday, should also "underscore expectations that growth is rebounding" in the second quarter after a weak first quarter, Credit Agricole said.
In Europe, the ECB's meeting Thursday is widely expected to see a cut in interest rates to support a fragile recovery and to fight off deflationary signs in the eurozone.
Official data Tuesday showed inflation in the 18-nation bloc slowed sharply to 0.5 percent in May, from 0.7 percent in April and far weaker than the ECB's target of just below 2.0 percent.
Comments
Comments are closed for this article.