Dollar trades at lower 91 yen level ahead of U.S. employment data+
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[January 08, 2009]

Dollar trades at lower 91 yen level ahead of U.S. employment data+

(Japan Economic Newswire Via Acquire Media NewsEdge) TOKYO, Jan. 9_(Kyodo) _ The U.S. dollar moved narrowly at the lower 91 yen level Friday morning in Tokyo ahead of key U.S. employment data due out later in the day.

At noon, the dollar fetched 91.20-25 yen against 91.13-23 yen in New York and 91.76-77 yen in Tokyo at 5 p.m. Thursday.

The euro traded at $1.3660-3665 and 124.63-68 yen versus $1.3696-3706 and 124.93-125.03 yen in New York and $1.3580-3582 and 124.61-65 yen in Tokyo late Thursday.

The U.S. currency started off morning trading in Tokyo at the lower 91 yen level and stayed there in the morning ahead of key U.S. jobs data, dealers said.

Currency traders are not actively shifting their dollar holdings as "they remain vigilant," seeking clues on how the U.S. employment situation turned out in December, said Masashi Hashimoto, manager of the global markets sales and trading division at the Bank of Tokyo-Mitsubishi UFJ.



The U.S. Labor Department is scheduled to release the December data for nonfarm payrolls and unemployment Friday.

The December nonfarm payroll report is expected to show further deterioration in the U.S. labor market, and the unemployment rate could rise to 7.0 percent, which could fuel dollar-selling pressure, dealers said.



In New York overnight, the dollar fell to 90.83 yen at one point as dollar-selling took hold after the release of dismal retail sales data for the Christmas holiday season.

During the November-December period, U.S. chain store sales dropped 2.2 percent from the same period last year, the largest fall since the International Council of Shopping Centers began compiling data in 1970, the ICSC said Thursday. In Tokyo morning deals, the dollar fell no further against the yen due to expectations for U.S. President-elect Barack Obama's handling of the recession-hit U.S. economy, dealers said.

Copyright ? 2009 Kyodo News International, Inc.

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