Dollar inches up in Asian trade

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IOL pic july29 united states dollar bill . .

Tokyo - The dollar inched up against other major currencies in Asia on Friday as market players expected upcoming US jobs data would be solid.

The dollar was at 102.85 yen in midday Tokyo trade, compared with 102.80 yen in New York on Thursday afternoon.

The euro stayed weak after data showed eurozone inflation slowed to 0.4 percent in July, its lowest level since late 2009 in the aftermath of the global financial crisis.

The common currency bought $1.3388 against $1.3390 in US trade while firming to 137.70 yen from 137.65 yen.

Investors were waiting for US payrolls data to be released later on Friday.

Attention was especially high after the Federal Reserve's policy-setting board was quite dovish on the labour market after a meeting this week, National Australia Bank (NAB) said.

Jobs creation will have stayed solid in July even if some easing, NAB said, forecasting an increase of 230 000 in nonfarm payrolls after the 288 000 gain in June.

Strong jobs data could fuel speculation that Federal Reserve would raise its benchmark rate sooner than the earlier expected second half of 2015.

Capital Economics said Argentina's default was likely to have limited impact on other emerging markets and US nonfarm payrolls were set to rise.

“Most of the evidence suggests that labour market conditions remained strong in July,” it said in a note, projecting non-farm payroll employment had increased by around 225 000 in July. - AFP


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