6 November, 2013
The US dollar extended gains against the yen in Asia today, continuing the rebound form yesterday following better-than-expected ISM non-manufacturing data from the US. The index indicated that the US service sector grew in October, rising from September’s 53.4 to 54.4. This follows a strong result from last week’s the ISM manufacturing index.
The upbeat data bolsters the probability that the Federal Reserve could begin tapering stimulus sooner than March 2014, which was the consensus until now. Focus now turns to nonfarm payrolls on Friday
The dollar rose 0.13 percent versus the yen, to end the Asian session at 98.62.
The euro also ticked higher, rebounding to as high as $1.3520 before steadying at the key $1.3500 level.
The euro remains vulnerable ahead of tomorrow’s European Central Bank policy decision. There are expectations for the ECB to signal whether they will lower interest rates soon, if not at Thursday’s meeting then by December. This would lead the euro to move lower.
Sterling was also higher this morning, remaining above t key $1.60 handle after extending gains following yesterday’s strong UK services PMI data. GBPUSD gained 0.15 percent to $1.6073 from $1.6047.
The Asian session was calm as the economic calendar was light and most investors were positioning ahead of key risk events later this week, primarily the US nonfarm payrolls report on Friday...
The first full trading week of 2014 began today, with Japan opening for the first time after a two-week holiday...
The pair extended the positive trading, whereas it approached 61.8% correction at 1.3625
The dollar rose above 102.00 yen for the first time since May 29, while the euro flirted with the key $1.36 handle and hit a new four-year high within striking distance of 139.00 yen...
The best performing currency during Thursday’s Asian session was the Australian dollar which jumped against its US counterpart after strong Australian business spending data. Private Capital Expenditure increased by 3.6% quarter-on-quarter despite expectations for a decline by 1.1%...
The main currency of the day was the sterling which outperformed against the dollar and euro, as well as against the yen after being boosted by strong UK second quarter growth data...
The euro was stronger today particularly against the dollar and the pound. While there were no economic data releases today from the Eurozone to explain the move, there were some headline news which affected sterling and dollar...
The yen was supported by safe haven demand today after the release of a slightly dovish Bank of Japan policy meeting minutes. The minute from last weeks meeting showed some concern about Japans economic outlook and whether the central bank 2% inflation target could be met...
The dollar remains bullish against the yen, while the euro hit a new four-year high against the Japanese currency in todays Asian session...
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