Forex News – Dollar falls against yen after weak ADP jobs data and GDP

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 The dollar extended losses against the yen after a series of disappointing U.S. economic data. The ADP employment report showed U.S. employment increased by 133,000 private sector jobs in May, which was below expectations for a consensus forecast of 148,000 jobs. The April figure was revised down by 6,000 to 113,000.

A separate report on GDP was released after, showing the first revision to first quarter GDP brought the figure down from an annualized rate of 2.2 percent to 1.9 percent, though this was in line with expectations.

Another report on jobless claims showed the number of initial claimants for unemployment benefits rose 10,ooo in the week ended May 26, to 383,000. This was above expectations for another 370,000 reading. The prior week’s figure was revised up by 3,000 to 373,000 Americans claiming jobless benefits.

Focus turns to the closely watched non-farm payrolls report due on Friday.  Forecast is for an increase of 152,000 jobs created from the previous  115,000.

The dollar extended its decline against the Japanese yen after the series of data, falling to 78.56 in early New York trading, from an earlier high of 78.83 in the pre-US trade.