FOREX-Yen set for sharp weekly gain, while dollar awaits US jobs data

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Jun 17, 2007
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The yen was headed for its biggest weekly gain in 17 months on Friday, helped by Japan's suspected intervention this week to pull the currency away from 34-year lows, while the dollar index fell to a three-week low ahead of U.S. jobs data. Traders were left on tenterhooks for any further huge swings in the yen after Tokyo was suspected to have intervened to support its currency this week, on Monday and on Wednesday, to the tune of some 9.16 trillion yen ($59.8 billion), as suggested by data from Bank of Japan. "But given the likelihood that the Ministry of Finance could take further advantage of thinned conditions in view of this week’s holidays and the UK and Japan holiday on Monday, some will likely be minded to take profits."
 
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