Dollar Tad Lower Against Yen; Euro Ahead of Jobs Data, Easter Holiday

 
   By Hiroyuki Kachi 
 

        The dollar was a tad lower against the yen and the euro in Asian trade Thursday, with many investors sitting on the sidelines ahead of U.S. jobs data Friday or staying away from the market before the Easter holiday season.
        Around 0450 GMT, the U.S. currency was at Y119.62, compared with Y119.75 late Wednesday in New York. The euro was at $1.0775 from $1.0763.
        Market participants said thin trading volumes ahead of the Easter holiday season and the release of the labor report often make currency trade vulnerable to fluctuations even with relatively small amounts of orders.
        Amid the wait-and-see mood, the currency market showed little interest in a rebound in the Nikkei Stock Average, which was up 1.8% midday and poised to gain on a closing basis after two-day losing streak.
        Disappointing private sector U.S. payroll data overnight "helped lower the market's view point," on Friday's nonfarm payrolls report for March, said Shusuke Yamada, chief Japan FX strategist at Merrill Lynch in Tokyo.
        Still, with fewer market participants, even in the aftermath of the labor data the currency market will likely lack clear direction until next week when liquidity will go back to normal levels, said Mr. Yamada.
        "Turnover remains thin ahead of the Easter season," said Gaitame.Com Research Institute analyst Kumiko Ishikawa, adding that "now isn't the time to trade aggressively."
        The Australian dollar was at Y90.83, after hitting a fresh two-month low of Y90.53, amid fears that the Reserve Bank of Australia will cut interest rates at its policy setting meeting on Tuesday. That compares with Y91.01 earlier in the session.
        In other currency trade, the euro was at Y128.86 from Y128.90.
        The WSJ Dollar Index, a measure of the dollar against a basket of major currencies, was down 0.09% at 87.62.
        Write to Hiroyuki Kachi at Hiroyuki.Kachi@wsj.com
        (END) Dow Jones Newswires

        April 02, 2015 01:18 ET (05:18 GMT)

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