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Yen strengthens against dollar following weak US jobs data on Friday

Article By: ,  Financial Analyst
August 5, 2013 11:01 AM

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There has not been much movement in the major currency pairs but we have seen the yen strengthen against the dollar after the weak figures released in the US on Friday.

Japanese stocks moved lower overnight on the back of this. But in contrast to Japan weakness, non-manufacturing PMI data suggested that decelerating growth rates are stabilising in China.

This data and a report by HSBC came in above the 50 level that signals expansion. As a result of this, the September oil contract has risen above the $107 level.

The FTSE is currently trading up around 28 points at 6675 and the Dow and DAX futures are fairly flat at 15642 and 8423.

The bookmaker William Hill is the largest riser of the session so far, up 10p but this is on the back of a 35p drop on Friday that was caused by a worse than expected performance in its newly acquired Australian business.

Engineering company Smiths is the biggest loser of the session, with its shares down 5.5% in early trading. This is due to the termination of talks with a potential bidder for their medical division.

Figures to look out for today are the services PMI from the UK at 9.30am BST and non-manufacturing PMI from the US at 3pm.

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