The world's reserve currency lost value on Wednesday against the Japanese yen in the aftermath of private-sector data noting companies in the U.S. augmented payrolls less than expected last month, according to Bloomberg.
Questions are mounting about the strength and fortitude of the U.S.' recovery from the Great Recession. The concerns are particularly sharp amid the changing of the guard at the U.S. Federal Reserve, which last week decided to taper monetary stimulus for the second consecutive month.
"Dollar is trading pretty poorly – the data wasn't that weak, but the market is reacting negatively to it," foreign-exchange strategist Charles St-Arnaud with Nomura Holdings Inc. told the news source on Wednesday. "The concern is why the economy seems to be slowing down. Investors will be keen to use the resources they have with the NFP numbers to decide their strategies for the next few weeks."
The greenback dropped about 0.5 percent against the Japanese yen, which comes in the aftermath of advances of 0.7 percent on Tuesday.
Reuters reports an intense focus is training on the official jobs data that the U.S> Department of Labor is slated to release on Friday.
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