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Asian Currencies Gain Ground Ahead of U.S. Payrolls Data

Most Asian currencies saw slight gains on Friday, taking advantage of a weakened dollar as investors awaited key U.S. payrolls data that could influence interest rates.

Japanese Yen Firms Amidst Possible Intervention

The Japanese yen extended its gains on Friday, with the USDJPY pair falling to a three-week low of 153.02. This drop, attributed to possible government intervention in currency markets, marked a significant decline from its recent 34-year highs.

Broader Asian Currencies Rise

While the yen strengthened, other Asian currencies also benefited from the dollar’s overnight decline. The Australian dollar rose 0.2%, with markets anticipating potentially hawkish signals from the Reserve Bank of Australia in response to hotter-than-expected inflation readings.

Market Activity Remains Muted

Trading volumes in Asia were subdued due to market holidays in Japan and China. Despite this, the South Korean won and the Singapore dollar saw modest declines against the dollar, while the Indian rupee traded below its record highs from April.

Dollar Steadies Ahead of Nonfarm Payrolls Data

The dollar index steadied in Asian trade following its overnight losses, driven by pressure from the yen and expectations of no further interest rate hikes by the Federal Reserve. All eyes were on the upcoming nonfarm payrolls data for April, with any signs of continued labor market strength likely influencing the Fed’s interest rate decisions in the near future.

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