Dollar rangebound before US jobs data, G20
Agence France-Presse | 11/06/2009 12:17 PM
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TOKYO - The dollar was little changed against the euro and the yen in Asian trade Friday as market players grew cautious ahead of US jobs data and a Group of 20 finance ministers' meeting, traders said.
The dollar was at 90.61 yen in Tokyo morning trade, compared with 90.71 yen in New York late Thursday.
The euro was at $1.4861 against $1.4868 in New York, and at 134.68 yen after 134.90.
"There is still an appetite for risk-taking in the market but it's difficult for players to take aggressive positions before the jobs data and the G20," said Yuji Saito, head of forex at Societe Generale in Tokyo.
US non-farm payrolls data due out later Friday are expected to show the unemployment rate rose to 9.9% in October, from a 26-year high of 9.8% in September.
"Investors are wary of pushing riskier currencies too far ahead of (the) key US payrolls report with the unemployment rate expected to rise to almost 10%," said NAB Capital analyst John Kyriakopoulos.
Finance chiefs from 20 rich and emerging economies will hold their third get-together of 2009 over 2 days in Scotland from Friday.
With countries such as the US, Japan, Germany and France emerging from recession after last year's global financial crisis, the G20's focus has switched to how to secure a sustainable economic recovery.
It is unlikely that currencies will figure high in the agenda but the gathering is still "a risk factor" for the market, said Saito.
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