Dollar rises against yen after strong US data

September 20, 2013

The US dollar reversed all losses made against the yen from the Fed induced drop and surged back above the key 99.00 yen level on Thursday on the back of strong data.

The rally ran out of steam in Asia today and the USDJPY pair consolidated around 99.40 yen.

Bank of Japan governor Kuroda’s speech today had little impact as he reiterated that the BOJ will maintain QE for as long as needed to achieve its 2 percent inflation target. Nothing not already known to investors.

The dollar was helped higher against the yen by US economic data on Thursday showing US existing home sales surged in August to a 6-1/2-year high and factories grew busier in the Mid-Atlantic region this month.

The data push the US 10-year Treasury  yield back up to 2.75 percent from a five-week low of 2.67 percent reached just after the Fed's surprise decision not to taper on Wednesday.

Euro held steady at a seven-month high against the dollar. German election this weekend will be in focus since it is seen as the Euro zone’s engine of growth.

EURUSD traded sideways in Asian trading today between $1.3527 and $1.3538. The euro is poised to end the week with a 1.8 percent gain against the dollar.

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