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An investor walks past an electronic board with stock information at a brokerage house in Wuhan.
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ECONOMIC SCENE: Can the US manage China's economic comeback?
The giant's revival will help cushion the blow of falling global output. But the Obama administration will need to take care in its dealings.
By David R. Francis | Staff Writer/ June 5, 2009 edition
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China's back.
After a pause at the end of 2008, China's economy rebounded in the first quarter of this year to an annual real growth rate of 6.1 percent in its output of goods and services. That's about half China's astonishing annual growth rate in gross domestic product (GDP) a few years back.
Nonetheless, it's welcome news for the rest of the world.
While global output is expected to fall 1.3 percent overall this year, according to the International Monetary Fund (IMF), China's economic revival will help cushion the blow. Its industries will boost their purchases of expensive machinery and other capital goods from the United States and Europe – and buy more oil and raw materials from other nations.
Though the average income of an individual Chinese is only about $3,000, China, with its 1.3 billion people, has the world's third-largest economy after the US and Japan. China has about 10 percent of world GDP, compared with 25 percent for the US. So China's recovery will have less impact globally than one in the US.
Nevertheless, China represents "the gold standard" in terms of responding to today's "Great Recession," says Nicholas Lardy, an economist with the Peterson Institute for International Economics in Washington. China's stimulus package, announced last year, was bigger relative to the size of its economy than that of any other country, including the US.
The IMF predicts China's economy will grow 6.5 percent this year, 7.5 percent in 2010. That may help to whittle down China's trade surplus with the US, but barring a surprise, the deficit will remain large.
That's a cause for complaint from the AFL-CIO, the nation's top labor organization. It regards China's surplus as a drag on US manufacturing. Last year, China exported goods worth five times more than it imported from the US, says Thea Lee, the federation's policy director in Washington. The trade deficit with China amounted to $256 billion. To Ms. Lee and some other economists, the deficit is a result of unfair trade practices by China, including keeping its currency undervalued and subsidizing exports.
By supporting congressional action, the AFL-CIO will be trying to pressure the Obama administration to be tougher in its economic dealings with China. Representatives Tim Ryan (D) of Ohio and Tim Murphy (R) of Pennsylvania have a bill demanding that the administration tackle any currency manipulation by taking strong remedial measures through the World Trade Organization.
NOTE: last year , the china's exported goods worth fives times more than it important from the u.s , says thea lee , the federation's policy director in washington.
So far the administration has acted cautiously in its dealings with China, which has piled up perhaps $1.5 trillion in US government securities. It did not formally declare that China manipulates its currency in a mid-April review of exchange-rate policies, for instance. The value of the yuan has risen 20 percent since mid-2005. Probably 15 percent more is needed, says Mr. Lardy.
With the US unemployment rate headed upward, Congress might pass "China bashing" trade legislation this year or in early 2010, Stephen Roach, chairman of investment bank Morgan Stanley Asia, warned in a recent analysis. He figures it's a 25 to 33 percent probability.
If Congress does act, he figures Beijing would retaliate. It "would instruct its foreign-exchange-currency managers to boycott the next US Treasury auction" of federal debt instruments, he writes. This would trigger "a full-blown crisis in the dollar and a related spike in real long-term US interest rates that would exact a severe toll on a bruised and battered US economy" and the rest of the world.
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Tuesday, June 30, 2009
AHEAD OF THE NFP: A MJOR CURRENCY SWING POINT
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Dollar Stable In Quiet Dealing Ahead of Jobs Report < RBA Assistant Governor Says Conditions Improved In Financial Markets < Estonian Consumer Prices Register First Ever Annual Fall In May < Trichet Notes Signs of European Money Market Revival; Hurley Sees Gradual Eurozone Recovery Next Year < Canadian Unemployment Rate Jumps To 8.4% As Economy Sheds Jobs < Mortgage Rates, The Fed And Treasuries < Malaysia International Reserves Increase < Romania Hourly Labor Costs Decline In Q1 < Signs Of Revival In Functioning Of European Money Markets: ECB's Trichet < Iceland Wages Continue To Rise In Q1 <
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Ahead Of The NFP: A Mjor Currency Swing Point
05 Jun, 2009 @ 05:53 am ET
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Ahead of the U.S. Non-farm Payroll releases the market is set to really be able to easily move either way on the dollar; technically the major pairs have reversed from overbought and are now at a swing point, and fundamentally the Canadian and U.S. employment reads are about to be absorbed into the global business cycle story. All of the majors are trading within their pivot point trading ranges, and most are holding close to their opening prices.
The reaction to the fundamental releases on Friday will be most clearly seen in equity market trade, and it will be stock futures moves that will reveal where the Usd is likely to trade; Long Stocks will likely equate to Short Dollars, and vice versa. Trying to piece together the NFP pieces can be hard, it is far easier to just look to the reaction in the major pairs via the equity market. The Canadian release at 07:00 EDT has historically not moved valuations too far ahead of the 08:30 EDT U.S. numbers; not to say that they are any less important, they just tend to get less attention on what historically is a strong day of movement.
NOTE: the canadian realease at 07:00 EDT has has historically not moved valuations too far ahead of the 08:30 EDT. U.S numbers;.
"We will update with signals nearer to the releases, trying to plan ahead on what is normally a volatile trading day is hard to do, but we will look to the near-term price action points ahead of the NFP release and review the pairs with the best looking potential to follow through," TheLFB Trade Team said.
Articles contributed by thelfb-forex.com
NEXT ARTICLE : Currency Pair Overview Majors Restrained Ahead Of NFP Release
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* Trading A Non-Farm Payroll Friday Today 5:53 AM ET
* European Markets Advance, Despite U.K. Problems Today 5:53 AM ET
* U.K. PPI Output Prices Turn Negative Today 5:23 AM ET
More FROM The LFB
* Swiss CPI Rose 0.2% In May, As Expected Today 3:53 AM ET
* Currency Pair Overview Major Currencies Move Toward A Regional Story Jun 04, 2009 10:53PM
* Asian And U.S. Markets Advance On Financials, Commodities Jun 04, 2009 10:53PM
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Dollar Stable In Quiet Dealing Ahead of Jobs Report < RBA Assistant Governor Says Conditions Improved In Financial Markets < Estonian Consumer Prices Register First Ever Annual Fall In May < Trichet Notes Signs of European Money Market Revival; Hurley Sees Gradual Eurozone Recovery Next Year < Canadian Unemployment Rate Jumps To 8.4% As Economy Sheds Jobs < Mortgage Rates, The Fed And Treasuries < Malaysia International Reserves Increase < Romania Hourly Labor Costs Decline In Q1 < Signs Of Revival In Functioning Of European Money Markets: ECB's Trichet < Iceland Wages Continue To Rise In Q1 <
Fundamental Reports
Forex Center > News > Fundamental Reports
Ahead Of The NFP: A Mjor Currency Swing Point
05 Jun, 2009 @ 05:53 am ET
AddThis
The LFB
* Comments comments
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0
* Votes ?
* email EMAIL
* print PRINT
* TEXT SIZE : A A A
www.TheLFB-Forex.com TheLFB is a Forex Trader Portal
Ahead of the U.S. Non-farm Payroll releases the market is set to really be able to easily move either way on the dollar; technically the major pairs have reversed from overbought and are now at a swing point, and fundamentally the Canadian and U.S. employment reads are about to be absorbed into the global business cycle story. All of the majors are trading within their pivot point trading ranges, and most are holding close to their opening prices.
The reaction to the fundamental releases on Friday will be most clearly seen in equity market trade, and it will be stock futures moves that will reveal where the Usd is likely to trade; Long Stocks will likely equate to Short Dollars, and vice versa. Trying to piece together the NFP pieces can be hard, it is far easier to just look to the reaction in the major pairs via the equity market. The Canadian release at 07:00 EDT has historically not moved valuations too far ahead of the 08:30 EDT U.S. numbers; not to say that they are any less important, they just tend to get less attention on what historically is a strong day of movement.
NOTE: the canadian realease at 07:00 EDT has has historically not moved valuations too far ahead of the 08:30 EDT. U.S numbers;.
"We will update with signals nearer to the releases, trying to plan ahead on what is normally a volatile trading day is hard to do, but we will look to the near-term price action points ahead of the NFP release and review the pairs with the best looking potential to follow through," TheLFB Trade Team said.
Articles contributed by thelfb-forex.com
NEXT ARTICLE : Currency Pair Overview Majors Restrained Ahead Of NFP Release
Click the button to vote for this article
Loading status ...
* email EMAIL
* print PRINT
* TEXT SIZE : A A A
More Fundamental Reports
* Trading A Non-Farm Payroll Friday Today 5:53 AM ET
* European Markets Advance, Despite U.K. Problems Today 5:53 AM ET
* U.K. PPI Output Prices Turn Negative Today 5:23 AM ET
More FROM The LFB
* Swiss CPI Rose 0.2% In May, As Expected Today 3:53 AM ET
* Currency Pair Overview Major Currencies Move Toward A Regional Story Jun 04, 2009 10:53PM
* Asian And U.S. Markets Advance On Financials, Commodities Jun 04, 2009 10:53PM
Follow Forex Ticker on Twitter >
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Monday, June 29, 2009
WORL FOREX : EURO RECOVERS FROM 1--WK LOW AFTER ECB REMARKS
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WORLD FOREX: Euro Recovers From 1-Wk Low After ECB Remarks
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By Riva Froymovich
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--The euro has recovered from a one-week low versus the dollar Thursday morning, but is trading inside a very narrow range.
Mixed signals in remarks by European Central Bank President Jean Claude Trichet, after the bank left interest rates unchanged at 1.0%, have left the common currency little changed on the day.
Trichet stressed that euro zone policy makers are already thinking about exit strategies from easing mode. He also said that the ECB isn't considering expanding its EUR60 billion covered bond purchase program, or any other non-standard easing measures.
This helped to boost the common currency against the U.S. unit, as the Federal Reserve is seen as possibly expanding its Treasury purchases.
However, those gains have been shaky, with the euro sometimes slipping on the day. Trichet remained very cautious on the euro zone's growth outlook. He also spoke on the importance of a strong dollar policy in the U.S. in response to a question on the euro's three-month rally.
The greenback rebounded from a 2009 low Wednesday on the re-emergence of caution in the market following weeks of rallying for riskier assets. U.S. stocks are falling again Thursday.
However, trading is overall inside a narrow range ahead of the much awaited May U.S. payrolls report to be released Friday.
Thursday morning in New York, the euro was at $1.4163 from $1.4145 late Wednesday. The dollar was at Y96.19 from Y95.97, according to EBS. The euro was at Y136.25 from Y135.73, and the U.K. pound was at $1.6170 from $1.6283. The dollar was at CHF1.0695 from CHF1.0715 Wednesday.
Earlier, the euro and U.K. pound fell to intraday lows against the dollar.
The Bank of England also voted to keep rates unchanged, and while the central banks' decisions were widely expected, traders were taking every opportunity to liquidate some of the riskier positions accumulated over the past weeks on the conviction that the market may have gotten too far ahead of itself.
NOTE: the bank of england also voted to keep rates unchanges, traders werev talking every opportunity to liquidate some of the riskier positions accumulated over the past week.
The sell-off also came amid chatter that U.K. Prime Minister Gordon Brown might resign, which has since been denied by the government.
His exit would be seen as a blow to economic stimulus policies, and result in a further unwind of risk, said Neil Jones, head of hedge-fund sales at Mizuho Corporate Bank in London.
The euro had fallen as low as $1.4070, while the pound declined to $1.6084.
Emerging markets in Europe were also shaky Thursday. Assets continued to feel the fallout from Latvia's escalating financial crisis, particularly the Hungarian forint and Polish zloty.
Signs that Latvia's economic woes are worsening have prompted speculation that authorities could be preparing to drop their currency's peg to the euro, despite repeated official denials.
The Latvian central bank Thursday said it will maintain the stability of the national currency until the euro can be adopted.
A European Commission spokesman said earlier Thursday that European Union and International Monetary Fund officials are currently in Latvia "assessing the situation."
Bank-lending rates in Latvia rose to record highs Thursday, a new sign of a growing liquidity shortage.
Swedish banks, which are heavily exposed in the Baltic region, saw their stock prices recover heavy losses Thursday after the Swedish government pledged support to any Swedish banks running into trouble. But the Swedish krona remains near the low end of its recent trading ranges against the dollar and euro after falling sharply Wednesday.
Sweden's finance minister said Thursday that Latvia's economic situation is "very worrisome" and it is now vital that the Baltic country's government doesn't let its budget deficit spiral out of control.
Elsewhere, Russia's central bank lowered key interest rates Thursday by 50 basis points, the third cut in six weeks, in an effort to revive Russia's shrinking economy. Many analysts expected the move.
Canada Morning
The Canadian dollar is higher in quiet trading Thursday morning, and did not react significantly to the Bank of Canada's decision to keep its key interest rate unchanged at 0.25%.
The BOC said financial conditions and commodity prices have improved significantly in recent weeks, and consumer and business confidence have recovered modestly.
However, it warned that if "the unprecedentedly rapid rise" in the Canadian dollar - due to a combination of higher commodity prices and a generally weaker U.S. currency - persists, "it could fully offset these positive factors."
The BOC said it didn't engage in any quantitative easing measures, but added that it retains considerable flexibility in the conduct of monetary policy at low interest rates, consistent with the framework outlined in the April policy report.
The U.S. dollar had reached a one-week high of C$1.1157 in earlier trade, but had slumped to the C$1.1060-area before the bank's statement.
Recently, the U.S. dollar was trading at C$1.1068 from C$1.1102 late Wednesday.
-By Riva Froymovich, Dow Jones Newswires; 201 938-5063; riva.froymovich@dowjones.com
(Don Curren in Toronto and Katie Martin and Clare Connaghan in London contributed to this report.)
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* JUNE 4, 2009, 10:39 A.M. ET
WORLD FOREX: Euro Recovers From 1-Wk Low After ECB Remarks
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By Riva Froymovich
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--The euro has recovered from a one-week low versus the dollar Thursday morning, but is trading inside a very narrow range.
Mixed signals in remarks by European Central Bank President Jean Claude Trichet, after the bank left interest rates unchanged at 1.0%, have left the common currency little changed on the day.
Trichet stressed that euro zone policy makers are already thinking about exit strategies from easing mode. He also said that the ECB isn't considering expanding its EUR60 billion covered bond purchase program, or any other non-standard easing measures.
This helped to boost the common currency against the U.S. unit, as the Federal Reserve is seen as possibly expanding its Treasury purchases.
However, those gains have been shaky, with the euro sometimes slipping on the day. Trichet remained very cautious on the euro zone's growth outlook. He also spoke on the importance of a strong dollar policy in the U.S. in response to a question on the euro's three-month rally.
The greenback rebounded from a 2009 low Wednesday on the re-emergence of caution in the market following weeks of rallying for riskier assets. U.S. stocks are falling again Thursday.
However, trading is overall inside a narrow range ahead of the much awaited May U.S. payrolls report to be released Friday.
Thursday morning in New York, the euro was at $1.4163 from $1.4145 late Wednesday. The dollar was at Y96.19 from Y95.97, according to EBS. The euro was at Y136.25 from Y135.73, and the U.K. pound was at $1.6170 from $1.6283. The dollar was at CHF1.0695 from CHF1.0715 Wednesday.
Earlier, the euro and U.K. pound fell to intraday lows against the dollar.
The Bank of England also voted to keep rates unchanged, and while the central banks' decisions were widely expected, traders were taking every opportunity to liquidate some of the riskier positions accumulated over the past weeks on the conviction that the market may have gotten too far ahead of itself.
NOTE: the bank of england also voted to keep rates unchanges, traders werev talking every opportunity to liquidate some of the riskier positions accumulated over the past week.
The sell-off also came amid chatter that U.K. Prime Minister Gordon Brown might resign, which has since been denied by the government.
His exit would be seen as a blow to economic stimulus policies, and result in a further unwind of risk, said Neil Jones, head of hedge-fund sales at Mizuho Corporate Bank in London.
The euro had fallen as low as $1.4070, while the pound declined to $1.6084.
Emerging markets in Europe were also shaky Thursday. Assets continued to feel the fallout from Latvia's escalating financial crisis, particularly the Hungarian forint and Polish zloty.
Signs that Latvia's economic woes are worsening have prompted speculation that authorities could be preparing to drop their currency's peg to the euro, despite repeated official denials.
The Latvian central bank Thursday said it will maintain the stability of the national currency until the euro can be adopted.
A European Commission spokesman said earlier Thursday that European Union and International Monetary Fund officials are currently in Latvia "assessing the situation."
Bank-lending rates in Latvia rose to record highs Thursday, a new sign of a growing liquidity shortage.
Swedish banks, which are heavily exposed in the Baltic region, saw their stock prices recover heavy losses Thursday after the Swedish government pledged support to any Swedish banks running into trouble. But the Swedish krona remains near the low end of its recent trading ranges against the dollar and euro after falling sharply Wednesday.
Sweden's finance minister said Thursday that Latvia's economic situation is "very worrisome" and it is now vital that the Baltic country's government doesn't let its budget deficit spiral out of control.
Elsewhere, Russia's central bank lowered key interest rates Thursday by 50 basis points, the third cut in six weeks, in an effort to revive Russia's shrinking economy. Many analysts expected the move.
Canada Morning
The Canadian dollar is higher in quiet trading Thursday morning, and did not react significantly to the Bank of Canada's decision to keep its key interest rate unchanged at 0.25%.
The BOC said financial conditions and commodity prices have improved significantly in recent weeks, and consumer and business confidence have recovered modestly.
However, it warned that if "the unprecedentedly rapid rise" in the Canadian dollar - due to a combination of higher commodity prices and a generally weaker U.S. currency - persists, "it could fully offset these positive factors."
The BOC said it didn't engage in any quantitative easing measures, but added that it retains considerable flexibility in the conduct of monetary policy at low interest rates, consistent with the framework outlined in the April policy report.
The U.S. dollar had reached a one-week high of C$1.1157 in earlier trade, but had slumped to the C$1.1060-area before the bank's statement.
Recently, the U.S. dollar was trading at C$1.1068 from C$1.1102 late Wednesday.
-By Riva Froymovich, Dow Jones Newswires; 201 938-5063; riva.froymovich@dowjones.com
(Don Curren in Toronto and Katie Martin and Clare Connaghan in London contributed to this report.)
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WORLD FOREX:GPB STILL WAEK ON POLITICS ; US JOB DATA AWAITED
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* JUNE 5, 2009, 1:55 A.M. ET
WORLD FOREX: GBP Still Weak On Politics; US Job Data Awaited
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TOKYO (Dow Jones)--The yen weakened slightly against the dollar and euro in Asian trading Friday as a continued strong Japanese share market performance led to more risk tolerance, to the detriment of the major funding currency.
But trading was subdued as the market wanted to see the results of U.S. non-farm payrolls data later in the day before building large positions, traders said.
The U.K. pound, meanwhile, continued to languish on lingering political uncertainties in the U.K.
Sterling plunged Thursday on rumors U.K. Prime Minister Gordon Brown was planning to resign, and London's quick dismissal of the talk as "nonsense" wasn't enough to restore confidence in the U.K. currency.
Making the outlook even murkier was U.K. Work and Pensions Secretary James Purnell's announcement early in the Asian day he quit Cabinet and called for Brown to stand down.
"His resignation fuels fear of widespread dissent within the party," said RBC Capital Markets.
The U.K. currency is trading around $1.6070, much lower than $1.6185 in New York Thursday.
Westpac senior currency strategist Sean Callow said the pound is likely to hold above the recent low around $1.6095 in Asian trade ahead of U.S. payrolls data, because the market will be hesitant to make a big bet before the key jobs indicator comes out.
A Dow Jones Newswires poll of economists forecasts that the May U.S. data, due at 1230 GMT, would show a 525,000 decline in jobs, after 539,000 jobs were lost in April.
"The results of recent U.S. economic indicators have been mixed, so we can't trade with confidence," said Jun Kato, a senior dealer at Shinkin Central Bank. "I don't want to make any bets until I get some good trading materials."
The retreat of risk aversion as world share prices rose weighed on low-yielding currencies such as the yen and dollar, used to fund risky investments. The U.S. dollar index, which measures the currency's value against six overseas units, including the euro, stood at 79.36 from 79.43.
NOTE:The dollar index , witch measure the currency's value against six overseas units. used to fund risky investments.
Reflecting the share market's bullishness, the Nikkei 225 Stock Average is up 0.7% around 0540 GMT.
Interbank Foreign Exchange Rates At 00:50 EDT / 0450 GMT
Latest Previous %Chg Daily Daily %Chg
Dollar Rates 2150 GMT High Low 12/31
USD/JPY Yen 96.73-76 96.64-66 +0.09 96.90 96.58 +6.77
EUR/USD Euro 1.4195-00 1.4179-80 +0.11 1.4214 1.4163 +1.55
GBP/USD Sterling 1.6119-24 1.6183-88 -0.40 1.6162 1.6106 +10.21
USD/CHF Swiss Franc 1.0676-82 1.0687-97 -0.10 1.0698 1.0665 +0.07
USD/CAD Canadian Dlr 1.0987-90 1.0967-72 +0.18 1.0994 1.0980 -9.68
AUD/USD Australian Dlr 0.8038-43 0.8022-24 +0.20 0.8045 0.7991 +13.64
NZD/USD New Zealand Dlr 0.6354-61 0.6344-47 +0.16 0.6363 0.6310 +8.89
EUR/JPY Yen 137.34-37 137.03-06 +0.23 137.68 136.85 +8.45
-By Takashi Mochizuki and Kenneth McCallum, Dow Jones Newswires; 813-6895-7554; takashi.mochizuki@dowjones.com, ken.mccallum@dowjones.com
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* JUNE 5, 2009, 1:55 A.M. ET
WORLD FOREX: GBP Still Weak On Politics; US Job Data Awaited
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TOKYO (Dow Jones)--The yen weakened slightly against the dollar and euro in Asian trading Friday as a continued strong Japanese share market performance led to more risk tolerance, to the detriment of the major funding currency.
But trading was subdued as the market wanted to see the results of U.S. non-farm payrolls data later in the day before building large positions, traders said.
The U.K. pound, meanwhile, continued to languish on lingering political uncertainties in the U.K.
Sterling plunged Thursday on rumors U.K. Prime Minister Gordon Brown was planning to resign, and London's quick dismissal of the talk as "nonsense" wasn't enough to restore confidence in the U.K. currency.
Making the outlook even murkier was U.K. Work and Pensions Secretary James Purnell's announcement early in the Asian day he quit Cabinet and called for Brown to stand down.
"His resignation fuels fear of widespread dissent within the party," said RBC Capital Markets.
The U.K. currency is trading around $1.6070, much lower than $1.6185 in New York Thursday.
Westpac senior currency strategist Sean Callow said the pound is likely to hold above the recent low around $1.6095 in Asian trade ahead of U.S. payrolls data, because the market will be hesitant to make a big bet before the key jobs indicator comes out.
A Dow Jones Newswires poll of economists forecasts that the May U.S. data, due at 1230 GMT, would show a 525,000 decline in jobs, after 539,000 jobs were lost in April.
"The results of recent U.S. economic indicators have been mixed, so we can't trade with confidence," said Jun Kato, a senior dealer at Shinkin Central Bank. "I don't want to make any bets until I get some good trading materials."
The retreat of risk aversion as world share prices rose weighed on low-yielding currencies such as the yen and dollar, used to fund risky investments. The U.S. dollar index, which measures the currency's value against six overseas units, including the euro, stood at 79.36 from 79.43.
NOTE:The dollar index , witch measure the currency's value against six overseas units. used to fund risky investments.
Reflecting the share market's bullishness, the Nikkei 225 Stock Average is up 0.7% around 0540 GMT.
Interbank Foreign Exchange Rates At 00:50 EDT / 0450 GMT
Latest Previous %Chg Daily Daily %Chg
Dollar Rates 2150 GMT High Low 12/31
USD/JPY Yen 96.73-76 96.64-66 +0.09 96.90 96.58 +6.77
EUR/USD Euro 1.4195-00 1.4179-80 +0.11 1.4214 1.4163 +1.55
GBP/USD Sterling 1.6119-24 1.6183-88 -0.40 1.6162 1.6106 +10.21
USD/CHF Swiss Franc 1.0676-82 1.0687-97 -0.10 1.0698 1.0665 +0.07
USD/CAD Canadian Dlr 1.0987-90 1.0967-72 +0.18 1.0994 1.0980 -9.68
AUD/USD Australian Dlr 0.8038-43 0.8022-24 +0.20 0.8045 0.7991 +13.64
NZD/USD New Zealand Dlr 0.6354-61 0.6344-47 +0.16 0.6363 0.6310 +8.89
EUR/JPY Yen 137.34-37 137.03-06 +0.23 137.68 136.85 +8.45
-By Takashi Mochizuki and Kenneth McCallum, Dow Jones Newswires; 813-6895-7554; takashi.mochizuki@dowjones.com, ken.mccallum@dowjones.com
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