The yen weakens against most other G-10 and Asian currencies on a possible technical correction. The yen strengthened notably overnight as weaker-than-expected U.S. nonfarm payrolls report prompted traders to scale back Fed rate-hike expectations and unwind some long dollar positions, particularly against the yen. However, "with U.S. markets closed for the Independence day celebrations, currency liquidity will be thin, an ideal time [for intervention] to have a large impact on the market," CBA's Joseph Capurso says in a research report. "The MoF has surprised markets with interventions during public holidays," the head of Foreign Exchange, International & Geoeconomics notes. The dollar edges 0.2% higher to 161.48 yen, and the euro is 0.1% higher at 184.44 yen, FactSet data show. (ronnie.harui@wsj.com)
Dow Jones Newswires
Yen Mostly Weakens on Possible Technical Correction — Market Talk
The yen weakens against most other G-10 and Asian currencies on a possible technical correction. The yen strengthened notably overnight as weaker-than-expected U.S. nonfarm payrolls report prompted traders to scale back Fed rate-hike expectations and unwind some long dollar positions, particularly…