The dollar held a gain versus the yen before U.S. data that may show jobs growth quickened last month from the slowest pace in almost three years, fanning speculation the Federal Reserve will end asset purchases this year.
A gauge of traders’ expectations of future currency volatility slid for a fourth day, the longest this year. Goldman Sachs Group Inc. said the dollar-yen rate will be firmly range-bound. The euro held yesterday’s biggest advance in two weeks after the European Central Bank refrained from introducing stimulus measures. South Korea’s won climbed against major peers, adding to signs an emerging-market selloff is easing.
“I see a good chance markets will recover from the disappointment caused by the December jobs data, which I think could be revised upward,” said Noriaki Murao, the New York-based managing director of the marketing group at the Bank of Tokyo-Mitsubishi UFJ Ltd. “Dollar-yen is more likely to be bought if the jobs figures turn out to be good.”
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