The dollar held gains against the yen on Wednesday ahead of data expected to show U.S. manufacturing activity and hiring continued to recover from the economic shock caused by the coronavirus pandemic.
FILE PHOTO: U.S. Dollar and Japan Yen notes are seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration
“The dollar will be supported against the yen if U.S. economic data are positive, but U.S. yields are not rising much because of speculation about yield curve control,” said Shusuke Yamada, head of foreign exchange and Japan equity strategy at Merrill Lynch Japan Securities. Investors also await the closely-watched U.S. nonfarm payrolls report on Thursday, which is expected to show the economy added 3 million jobs in June.was little changed at 7.0614 per dollar after the People's Bank of China cut the re-discount and the re-lending rates to reduce funding costs for small firms.
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