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Yen strengthens as US jobless claims undercut dollar support

US initial jobless claims fell to 215K, but continuing claims rose to 1.814 million, hinting at a slower reemployment pace.

Reported · Written up by our desk · Major Pairs

The Japanese yen strengthened against the US dollar, with USD/JPY trading lower around the 162.30 area as investors weighed US labor data that did not provide lasting support for the greenback, FXStreet reported.

FXStreet said US initial jobless claims fell to 215K, below the 218K consensus and the prior 217K reading, while the four-week average slipped to 218.75K from 222.5K, a mix that suggested layoffs were limited.

At the same time, continuing jobless claims edged higher to 1.814 million from 1.806 million, indicating that while layoffs may be contained, finding new jobs is taking longer.

In Japan, FXStreet noted that the June producer price index is expected early Friday, with the monthly reading forecast to slow to 0.3% from 0.9% and the annual rate expected to rise to 6.8% from 6.3%, a potential factor for expectations around the Bank of Japan’s policy stance.

Latest closeUSD/JPY 163.85 ▲0.1%

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