Dollar gains on FOMC minutes and optimism of US budget deal

October 10, 2013

Markets were upbeat on Thursday as investors were willing to take on more risk on expectations that the Washington lawmakers may reach a compromise deal to avoid a default by the US as the debt ceiling looms.

The FOMC minutes released last on Wednesday also boosted the dollar, as they showed policy makers see tapering by the end of this year.

The US dollar was back in demand, lifting the currency for a third day today, especially making gains against the yen, which weakened further.

Strong data from Japan also helped lift Japanese equity markets, and thus led to a fall in the yen. When Japanese sticks gain, the yen tends to fall. Investors were upbeat after Japanese data showed August core private sector machinery orders rose by more than expected. 

The safe haven yen fell against the US dollar, to 97.76 per dollar and weakened 0.2 percent to 131.96 per euro.

The greenback advanced 0.2 percent to $1.3497 per euro. The dollar also gained against the sterling.

The British pound will be in focus later today as the Bank of England's monetary policy announcement is due . Sterling traded at $1.5936 compared with $1.5953 late Wednesday.

The Aussie is weaker today after disappointing Australian jobs data. September employment was up 9,100 versus 15,000 expected. AUDUSD fell to $0.9388.

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