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Market Update: Japanese Yen Trades at 8-Week Lows
The Japanese Yen added 0.101 points or 0.09% to 110.166 on Friday, trading at 8-week lows as strong US data pushed the Greenback to 3-week highs. Local 10-year bond yields were at 0.086% while US 10-year rates lifted to 1.627%. In the US, the ADP report showed US companies added the most jobs in 11 months, well above forecasts, while initial jobless claims fell more than expected and services PMIs pointed to record growth in the services sector. On the coronavirus front, the Japanese government last Friday extended the COVID-19 state of emergency in Tokyo, Osaka and seven other prefectures last week. In local data, household spending surged 13% in real terms from a year earlier in April, the steepest increase on record. Earlier in the week, the au Jibun Bank Japan Services PMI was revised upward to 46.5 in May from a preliminary reading of 45.7 and compared with a final 49.5 in April. [/s2If]
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