Dollar Up vs Yen as Markets Absorb Jobs Report and Chinese Trade Data

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By Brendel Balaga

The dollar pushed higher against the Japanese yen on Monday as markets assess the implication of Friday’s U.S. jobs data and anemic Chinese trade data over the weekend.

USD/JPY went up 0.4% to trade at 107.53.

The U.S. dollar index, the standard measure of the American currency’s standing against trade-weighted currencies, rose to 93.92, up 0.11% from Friday’s 93.08.

EUR/USD was steady at 1.1399.

The dollar edged lower after data on Friday revealed that U.S. employment last month grew at the slowest rate in seven months.

But annual wage growth picked up last month cushioning the dollar’s fall.

The greenback bounced back late Friday after William Dudley, New York Federal Reserve President, said that it was reasonable to expect two more rate hikes this year.

Meanwhile, investors remained cautious after data out of China showed that Chinese exports and imports dropped more than expected in April.

The disappointing figures fanned worries over slowing domestic and overseas demand impacting China’s economy.

The Australian dollar edged lower against the dollar as a result of the report, with AUD/USD slipping 0.38% to 0.7340. China is Australia’s biggest trading partner.

Elsewhere, the Canadian dollar fell to three-week lows as a massive wildfire in Alberta worried investors over the outlook for the economy. USD/CAD was last at 1.2943.

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