The U.S. dollar rose on May 3, as a better-than-expected report on jobless claims impacted the sentiment of traders participating in fx risk management.
The greenback appreciated by 0.1 percent against the Japanese currency to close at 80.18 yen at 5 p.m. in New York, according to Bloomberg. The safe currency also rose 0.1 percent against the 17-nation euro to reach $1.3152.
Markets were impacted by the Labor Department report, which indicated that initial claims for jobless benefits dropped by 27,000 to reach 365,000 during the week that ended on April 28.
"Markets are going into the U.S. payrolls after a series of back and forth, and they could react if we see a strong surprise," Vassili Serebriakov, a currency strategist at Wells Fargo & Co. in New York, told the media outlet.
Corporate risk managers need to monitor changes in safe currencies such as the U.S. dollar if they wish to minimize the impact of changing foreign exchange rates on financial performance. Foreign exchange technology can provide the decision makers with the real-time currency data they need.
