(RTTNews) - The Japanese yen lost ground across the board in early New York trading on Wednesday as the better-than-expected private sector employment report from the US propelled traders for risky-buying.
However, the yen halted its downtrend and attempted to reverse its course following the release of the US factory goods orders data.
ADP said private-sector employment increased by 43,000 jobs in October following a revised decrease of 2,000 jobs in September. Economists had expected employment to increase by 23,000 jobs compared to the loss of 39,000 jobs originally reported for the previous month.
The Commerce Department data showed that orders for manufactured goods increased by 2.1 percent in September after coming in nearly unchanged in August. Economists had expected orders to increase by 1.7 percent compared to the 0.5 percent decrease originally reported for the previous month.
As of 10:00 am ET, the yen traded at a 3-month low of 63.17 against the NZ dollar, 4-week low of 131.29 against the pound, 8-day low of 83.10 against the Swiss franc, 6-day low of 81.51 against the US dollar and nearly 3-week lows of 80.84 against the Canadian dollar, 81.27 versus the Australian dollar and 114.28 against the euro.
