Monday saw the Japanese yen slide for the third consecutive trading session against the world's reserve currency in the aftermath of strong economic data released by the U.S. Labor Department regarding its job creation last month, Bloomberg reports.
Demand for the yen was slipping as the monetary unit of the Pacific Rim nation also dropped against the common currency of the European Union. The euro was propped up by data about regional industry for services and manufacturing being stronger than projected in April.
"If risk appetite on the market remains unchanged the yen will remain under pressure," senior currency strategist Antje Praefcke with Commerzbank AG in Frankfurt told the news source on Monday. The Japanese yen "has approached the 100 mark again. This was caused by the U.S. labor market data for April, which surprised on the upside."
After creating 165,000 new jobs last month, the U.S. unemployment rate fell to 7.5 percent.
The Japanese yen lost 1.8 percent of its value on Friday against the Australian dollar but the South Pacific currency was cramped on Monday by economic data from March noting retail sales unexpectedly fell, according to Reuters.