Business

TOKYO (APP) – The dollar rose against the yen in Asia on Monday after a solid US jobs report boosted expectations that the Federal Reserve will soon lift interest rates.


Article continues after the advertisement

In Tokyo, the greenback ticked up to 124.36 yen from 124.22 yen in New York on Friday. The euro edged higher to $1.0966 and 136.40 yen, from $1.0962 and 136.16 yen. “Players’ reaction to the US jobs data was mixed, but the figures were not so bad in general,” said Yosuke Hosokawa, head of FX sales team at Sumitomo Mitsui Trust Bank.

“There may be some adjustment, but it is unlikely to see the current dollar-buying sentiment reverse ahead of the expected rate hike. “Players will continue to focus on key US economic figures that give some sense of the timing for a rate rise,” he added.

The Labor Department said Friday the US added 215,000 jobs last month and that unemployment held steady at a seven-year-low rate of 5.3 percent.

The report brought average monthly jobs gains to 235,000 over the past three months, heightening expectations that the Fed could raise its near-zero federal funds rate as early as next month.