NEW YORK (CNNMoney.com) -- The dollar gained versus major currencies and briefly surged to a four-month high against the yen Thursday after Japan's finance minister said he wants to see a weaker yen.
What prices are doing: The dollar was up 0.1% versus the yen at ¥93.50 late Thursday after jumping nearly 1% earlier. The greenback edged up 0.03% against the British pound to $1.593 and was flat against the euro at $1.432.
 |
| Click on the chart to view other currencies. |
The buck was mixed against rivals Wednesday after reports showed that fewer jobs were cut in December and that the service sector grew.
What's driving prices: Overnight, Japan's new finance minister, Naoto Kan, announced he wants to see the yen weaken, which placed further pressure on the yen and bolstered the dollar on Thursday.
China's central bank also unexpectedly raised a key interest rate on Thursday, the first increase in nearly five months.
Investors are also looking toward the U.S. government's report on employment that is due Friday. Economists predict a decline of 35,000 jobs in December and an unemployment rate of 10%, according to a consensus estimate from Briefing.com.
What analysts are saying: "One of the biggest developments were the comments from Japan's new finance minister," said Brian Dolan, chief currency strategist at Forex.com. "This is going to continue to influence a higher dollar against the yen."
Dolan also said investor optimism about the upcoming employment data is pushing the dollar higher.
He predicts Friday will be "a distinct dollar day," and if the report is positive, the greenback will rally for the next couple months.
If the government announces a worse than expected drop in employment, "that is really going to upset the dollar, and we'll see a distinctly dollar-negative reaction," Dolan said.
However, the news that China raised interest rates "is really a different story" and didn't have an effect on the dollar, said Marc Chandler, global head of currency strategy at Browns Brother Harriman. 
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.80% | 3.88% | |
| 15 yr fixed | 3.20% | 3.23% | |
| 5/1 ARM | 3.84% | 3.88% | |
| 30 yr refi | 3.82% | 3.93% | |
| 15 yr refi | 3.20% | 3.23% |
Today's featured rates:
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 32,627.97 | -234.33 | -0.71% |
| Nasdaq | 13,215.24 | 99.07 | 0.76% |
| S&P 500 | 3,913.10 | -2.36 | -0.06% |
| Treasuries | 1.73 | 0.00 | 0.12% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Ford Motor Co | 8.29 | 0.05 | 0.61% |
| Advanced Micro Devic... | 54.59 | 0.70 | 1.30% |
| Cisco Systems Inc | 47.49 | -2.44 | -4.89% |
| General Electric Co | 13.00 | -0.16 | -1.22% |
| Kraft Heinz Co | 27.84 | -2.20 | -7.32% |
|
Bankrupt toy retailer tells bankruptcy court it is looking at possibly reviving the Toys 'R' Us and Babies 'R' Us brands. More |
Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More |
Honda and General Motors are creating a new generation of fully autonomous vehicles. More |
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More |
Whether you hedge inflation or look for a return that outpaces inflation, here's how to prepare. More |
