The world's reserve currency held on to its two-week height against the monetary unit of Japan on Monday as two U.S. Federal Reserve officials prepare for their respective speaking engagements early in the trade week, Bloomberg reports.
After the U.S. Department of Labor released stronger than forecast economic data this past Friday, a certain scrutiny is focusing on indications about whether the central bank of the U.S. will cut monetary stimulus measures sooner than anticipated. Minneapolis, Minnesota President Narayana Kocherlakota and Atlanta President Dennis Lockhart are scheduled to speak on Tuesday.
"The dollar has come off slightly, but the defining factor is the rise in the U.S. yields," currency strategy head Jeremy Stretch with CIBC World Markets told Reuters on Monday. "The dollar will be supported and for the euro any bounce towards $1.34 will be sold into."
The U.S. dollar rose about 1 percent on Friday against the currency of the Pacific Rim nation and has climbed 1.7 during the past two weeks.
The U.S. Labor Department said on Friday that the economy created 204,000 jobs in October, exceeding economists' projection of 125,000, according to Reuters.
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