Investing.com - The dollar moved higher against the yen on Tuesday, recovering from one-month lows hit in the wake of Friday’s surprisingly weak U.S. jobs report for December.
USD/JPY was up 0.55% to 103.55 during European morning trade, after falling to lows of 102.84 on Monday, the weakest since December 18.
Friday’s data showing that the U.S. economy added far fewer jobs than expected last month cast doubts over the strength of the recovery in the labor market, and fuelled expectations that the Federal Reserve will maintain loose monetary policy for longer.
In Japan, data released on Tuesday showed that the country’s current account deficit rose to a record JPY593 billion in November, as the weaker yen drove up import costs.
The dollar was slightly lower against the euro, with EUR/USD easing up 0.10% to 1.3685.
The dollar was higher against the pound ahead of closely watched U.K. data on inflation, with GBP/USD rising 0.23% to 1.6420, while USD/CHF was up 0.21% to 0.9011.
The Australian dollar retreated from Monday’s one-month highs, with AUD/USD down 0.48% to 0.9010 and NZD/USD was up 0.16% to 0.8388.
The kiwi was boosted after the New Zealand Institute of Economic Research said Tuesday its business confidence index rose to a 20-year high of 52 in the fourth quarter, from a reading of 38 in the three months to September.
Elsewhere, USD/CAD was up 0.41% to 1.0904, not far from the four year highs of 1.0944 struck on Friday.
The U.S. dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, edged up 0.07% to 80.68.
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