US dollar briefly turns higher vs yen, hits NY session peak

NEW YORK, April 5 Fri Apr 5, 2013 9:05am EDT

Related Topics

NEW YORK, April 5 (Reuters) - The dollar bounced back against the yen on Friday after hitting session lows in volatile trading following weaker-than-expected U.S jobs data, as investors found an opportunity to buy back the greenback at lower levels.

Analysts said the main driver for the dollar/yen pair is still the Bank of Japan's mammoth stimulus announced on Thursday, which should further undermine the Japanese currency.

"Investors' mindset in trading dollar/yen is to buy it on dips," said Brian Dangerfield, currency strategist, at RBS Securities in Stamford, Connecticut. "We know that dollar/yen will continue to strengthen given what's going on in Japan and the U.S. payrolls report gave the market the opportunity to buy it back at a lower level."

The dollar hit New York session highs at 96.65 yen, but was little changed at 96.30.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.