Yen holds gains, euro fails to rebound against dollar

September 25, 2013

The euro remains weak against the dollar on Wednesday, trading near Tuesday’s lows. The single currency is being weighed down after weaker-than-expected German sentiment data.

Also, comments on Monday from European Central Bank President Mario Draghi that the bank was ready to provide more long-term loans to keep money market rates from rising have kept the euro pinned down.

EURUSD slid to $1.3465, around yesterday’s lows. The pair was unable to break higher than $1.3480.

The yen retained gains today as risk aversion supported the safe haven Japanese currency. Concerns over a possible US government shutdown in a week kept the dollar weak against the yen.

USDJPY had a quiet session and briefly dropped to 98.54  before steadying to end at 98.60 yen. The pair is down about 0.7 percent so far this week.

Uncertainty over the Fed's outlook kept traders cautious and on data-watch mode as they are concerned  for how long the US Fed could hold off from tapering.

Lack of domestic data led AUDUSD to retest support at $0.9365, which has been retested a few times this week.

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