The greenback continued to lose ground versus Japanese yen during last week, as the FOMC meeting failed to give the investors what they want to hear about the dollar outlook.


The Fed policy makers didn’t give any sign of thinking about monetary tightening anytime soon during their meeting last week after they kept interest rate at a historic low; pushing the dollar down and opening the way for the yen and other currencies to achieve more gains against the greenback.


The Japanese yen was the strongest currency last week, as the Bank of Japan raised its forecast for consumer prices from 0.3 percent to 0.7 percent for the fiscal year of 2011.


The U.S. fundamentals this week could give the greenback support to cover some of its looses, as the famous government jobs report will be released on Friday and any improvement in new jobs in the United States could drive the dollar to gain against the Japanese yen, as it reflect the stronger recovery in employment and the U.S. economy as whole.


On Monday the U.S. economy will start the week with the construction spending for March at 14:00 GMT, where it’s expected to show an increase of 0.3% after the previous decline of 1.4%.


Also ISM manufacturing will be released at 14:00 GMT and expected to come at 60.1 compare with the previous of 61.2. 

Originally posted here

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