The dollar-yen pair fell in New York trading on September 2, closing at 158.22 after opening at 159.72. Dollar selling intensified as ADP reported a 38,000 increase in U.S. private-sector employment for August, below the 47,000 market consensus and July’s revised 46,000 gain. Federal Reserve Bank of New York President John Williams said inflation was gradually moderating and that interest rates were well positioned, remarks markets viewed as reducing the likelihood of further rate hikes. The comments coincided with lower U.S. long-term yields, including the 10-year Treasury yield. The euro-dollar rose to $1.1609, while EUR/JPY, GBP/USD and the dollar-Swiss franc pair also reflected broad dollar weakness. Higher crude oil prices later helped limit the dollar-yen decline but did not reverse the session’s selling trend. Stronger-than-expected July factory orders and resilient manufacturing data had limited foreign-exchange impact. Traders are now focused on employment and inflation indicators ahead of the next FOMC (Federal Reserve interest-rate policy committee) meeting, particularly the August nonfarm payrolls report due later in the week.