FOREX-Dollar slips as investors lock in gains before US jobs data

Wed Dec 4, 2013 1:10am EST
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* Yen stays off of recent 5-year low vs euro

* Aussie tumbles to 3-month low after GDP disappoints

* Canadian dollar still shaky as BOC policy meeting looms

By Lisa Twaronite and Ian Chua

TOKYO/SYDNEY, Dec 4 (Reuters) - The dollar retreated against the yen and a basket of currencies in Asia on Wednesday as investors locked in profits ahead of major risk events including U.S. jobs data due later in the week.

The Australian dollar, meanwhile, tumbled to a three-month low after Australia's July-September gross domestic product growth failed to meet market expectations.

"Dollar/yen had a good run. I think 103 was a level a lot of people were looking at as a target, and we hit it, so I think people are happy to take profits," said Bart Wakabayashi, head of forex at State Street Global Markets in Tokyo.

"We're hearing a lot of selling on this move back to 102.50 today. I think there might be a short-term strategy shift in terms of squaring up those long positions," he added.

The dollar slipped to 102.24 yen from a six-month peak of 103.38 yen set on Tuesday, though it recovered to trade nearly flat on the day at 102.49 yen. The euro slipped slightly to 139.26 yen after falling as low as 138.93 earlier, from a five-year high of 140.03 yen hit on Tuesday.   Continued...