Euro Rebounds, Dollar Extends Gains Vs Yen

November 6, 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.

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