The market, which is expected to post over Dh100 billion in sales through more than 30,000 transactions in first quarter, will sustain steady increase in transactions and prices throughout the year
They added that the Japanese unit was under pressure after domestic consumer inflation data came in softer than expected.
The euro firmed in early European trading to 1.2768 dollars from 1.2758 dollars late in New York on Thursday.
The dollar jumped to 117.21 yen, from 116.55 yen on Thursday.
All eyes were on US Federal Reserve chairman Ben Bernanke’s speech on global economic integration later Friday, at the Fed’s Kansas City Economic Symposium in Wyoming.
Dealers said the market was keen for signals on the likelihood of further interest rate rises by the US central bank, which earlier this month paused in its tightening campaign after 17 straight interest rate rises.
“The Fed’s rate policy once again returns to the centre of the markets’ attention,” said Commerzbank currency analyst Gavin Friend.
“As relatively negative US fundamental data failed to affect the dollar this week, markets are hoping that Fed president Bernanke might provide some information on whether the rate rise cycle in the US really has ended.”
The greenback has proven resilient in recent days in the face of concerns about slowing US economic growth, supported by capital inflows as risk averse investors pull funds out of emerging markets, dealers said.
American borrrowing costs stand at 5.25 percent.
Elsewhere, it was revealed Friday that Japan’s core consumer prices rose 0.2 percent in July from a year ago, as deflationary pressure continued to ease, although the gain was smaller than the 0.5 percent rise expected by the market.
“I now personally think that there will be no additional rate hike in Japan before the end of this year,” BNP Paribas currency trader Koichi Yoshikawa said.
“As there is emerging risk that the recent slowdown in the IT industry may spill over to other sectors in Japan, the Bank of Japan may not be in a hurry,” he added.
The market, which is expected to post over Dh100 billion in sales through more than 30,000 transactions in first quarter, will sustain steady increase in transactions and prices throughout the year
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