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The U.S. dollar traded close to a six-week low on Thursday as investors remained cautious ahead of the highly anticipated U.S. nonfarm payrolls report, while the Japanese yen struggled to maintain gains following recent government intervention.
The yen traded around 157.71 per dollar after weakening for a second consecutive session. Although it has retreated from Monday's peak of 155.20, the Japanese currency remains significantly stronger than last month's multi-decade low near 164 per dollar, supported by intervention from Tokyo and coordinated efforts with Washington.
The dollar index, which measures the greenback against six major currencies, hovered around 99.65 with little movement as traders awaited fresh economic signals. The euro held steady at $1.1557, while the British pound traded at $1.3469. The Australian and New Zealand dollars also remained largely unchanged.
Market sentiment was shaped by uncertainty surrounding reports of a proposed U.S.-Iran agreement. According to Reuters, the proposal, reportedly involving Oman, could give Iran authority over inbound traffic through the Strait of Hormuz. While President Donald Trump said a deal to reopen the vital shipping route was close, U.S. officials have maintained they would not accept Iranian control over access to one of the world's most important energy corridors.
Oil prices reflected the cautious mood, with Brent crude slipping 0.5% to $79.08 per barrel as traders assessed geopolitical developments.
Attention also remained on the Bank of Japan after minutes from its June policy meeting showed officials were increasingly concerned about inflation risks. The discussion strengthened expectations that the BOJ could deliver another interest rate hike as early as September. However, a recent Reuters survey found that nearly 95% of economists believe currency intervention alone cannot provide lasting support for the yen without additional monetary tightening.
Investors are now focused on Friday's U.S. employment report, which is expected to show nonfarm payrolls increased by 80,000 jobs in July after a gain of 57,000 in June, while the unemployment rate is projected to remain at 4.2%. The data could influence expectations for the Federal Reserve's next interest rate decision after Governor Lisa Cook signaled the central bank may still need to raise rates if inflation remains elevated.
