Safe-haven yen rallies, Aussie sinks as markets brace for US payrolls test
TOKYO -The safe-haven Japanese yen rallied on Wednesday while riskier currencies like the Australian dollar and sterling languished as traders ran for cover following the worst sell-off in almost a month on Wall Street.
The dollar-yen pair tends to track long-term U.S. Treasury yields, which dropped nearly 7 basis points overnight and continued to decline in Asian hours to stand at 3.8329%, with investors flocking to the safety of bonds. Economists surveyed by Reuters expect Friday's report to show an increase of 165,000 U.S. jobs in August, up from a rise of 114,000 in July.
"That was supposed to show a gain, but actually showed a decline, and has made people wonder once more about the Fed possibly being too late to act," said Sam Stovall, chief investment strategist at CFRA.
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