Quiet Asian session while dollar remains weak

18 October, 2013

The US dollar weakness remained during a quiet Asian session on Friday, mainly due to less expectation about Fed tapering.

The impasse in Washington DC in the past two weeks is bound to have a negative impact on the US economy, and the Fed will be less willing to remove stimulus before early 2014. Janet Yellen, the new Fed Chair in January, is a known dove and will not taper soon.

Risk currencies held onto gains made after a strong rally yesterday on the back of the weaker dollar. The euro has benefitted at the expense of the USD, climbing to a 10-month high yesterday to $1.3682 and is set to continue higher today.

Sterling consolidated near yesterday’s highs of $1.6172, being supported by strong UK retail sales.

Yen held gains versus the dollar but fell against the broadly stronger euro. USDJPY attempted to bounce in Asia today but only made it to 98.15 from yesterday’s low of 97.72 and soon fell again.


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