Eco
The U.S. dollar gained against the Japanese yen and the euro on Friday, building on its momentum from the previous session. Doubts surrounding the potential for a nuclear deal with Iran bolstered the American currency's appeal as a safe-haven asset. The dollar also received support from rising U.S. Treasury yields, following a Financial Times report, which cited sources close to former Federal Reserve Governor Kevin Warsh, suggesting a possible interest rate hike in September based on forthcoming economic data. The eagerly awaited monthly U.S. jobs report, due later on Friday, is expected to provide further indications regarding the future trajectory of interest rates. The dollar edged up to 158.505 yen during morning trading in Asia, after a 0.4% increase on Saturday, putting it on track for a weekly gain of approximately 0.7%. This recovery comes as the dollar rebounds from a wave of joint intervention by Japan and the United States to support the yen, which had pushed the U.S. currency to a 13-week low of 155.20 yen on Monday, after it had been near its four-decade high above 163 yen last Thursday. Concurrently, the euro slightly declined to 1.1521 against the dollar, following a 0.3% rise in the U.S. currency during the last trading session.
