9th December 2013
The dollar continues to trade at a six-month high against the yen today (December 9th), after Friday's US employment report heightened speculation the Federal Reserve will look to reduce its monetary stimulus before the end of the year.
According to the November non-farm payrolls data, American companies added 203,000 new jobs last month, beating expectations for a gain of around 180,000 and following October's 204,000 result.
In addition, the country's unemployment rate dropped to seven per cent - a five-year low - down from 7.3 per cent in the previous month.
As a result, speculation has once again mounted that the Fed will cut its asset purchases at its December 17th-18th policy meeting.
This has generally kept the dollar lower in forex trading markets, though it has advanced to a six-month high against the yen as investors prepare for the divergence in monetary policies between the Fed and the Bank of Japan, which is expected to step up its stimulus in the new year.
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