Forex - Yen ticks weaker ahead of mass of data from Tokyo on jobs, CPI

Investing.com - The yen ticked weaker ahead of a mass of data from Tokyo on Friday that will set the tone.

USD/JPY traded at 119.24, up 0.05%, while AUD/USD changed hands at 0.7824, down 0.06% and EUR/USD stood at 1.0873, down 0.10%.

At 0830 Tokyo time (2330 GMT) comes February national CPI, the unemployment rate, job offers to seekers ratio and household spending.

February national core CPI (excluding perishables but including energy) rose 2.1% year-on-year according to expectations, a 21st year-on-year rise but the smallest gain since 1.3% in March 2014.

The unemployment rate is forecast at 3.5%, down from 3.6% in January, while the job offers to seekers index is seen at 1.15 (115 job offers for every 100 people looking for work), up from 1.14 in January and posting the highest reading since 1.19 in March 1992.

Household spending is seen down 3.2% year-on-year in real terms, an 11th consecutive year-on-year drop but smaller than 5.1% decline in January.

Then 20 minutes later at 0850 (2350 GMT), there's the February preliminary retail sales data. The forecast is for a 1.5% drop year-on-year, the second straight year-on-year drop after a 2.0% decline in January.

Overnight, the dollar turned mostly higher against a basket of other major currencies on Thursday, as data showing that the number of people filing unemployment assistance in the U.S. last week fell to a five-week low sparked optimism over the strength of the job market.

In a report, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending March 21 declined by 9,000 to 282,000 from the previous week’s total of 291,000. Analysts had expected initial jobless claims to fall by 1,000 to 290,000 last week.

Another report showed that the U.S. service sector expanded at the fastest rate this month since September. Research group Markit said the preliminary reading of its services purchasing managers index rose to 58.6 from a final reading of 57.1 in February.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was quoted at 97.57, up 0.03%.

The euro found support Thursday after data showed that the Gfk German consumer climate index was set to rise to 10.0 in April from a reading of 9.7 the previous month, compared to expectations for an uptick to 9.8.

But investors remained cautious as Greece failed in a bid on Wednesday to secure a quick cash payment from the euro zone rescue fund to help stave off potential bankruptcy next month.

Athens had appealed for the European Financial Stability Facility to return €1.2 billion it said it had overpaid when it transferred bonds intended for bank recapitalization this month.

The Greek government is expected to present a detailed list of proposed reforms to its eurozone partners by next Monday.