WORLD FOREX:GPB STILL WAEK ON POLITICS ; US JOB DATA AWAITED

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* Friday, June 5, 2009 As of 1:55 PM (GMT +8 hours)
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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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