Yen Up Against Dollar After Weak US Data

November 26, 2013

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 week’s meeting showed some concern about Japan’s economic outlook and whether the central bank’s 2% inflation target could be met.

Meanwhile, soft US housing data weighed on the dollar, which also helped the yen gain against it. Data released in the US session on Monday showed US pending home sales fell to a 10-month low in October.

The yen paused its decline against the dollar and rebounded off a six-month low to trade at 101.32 per dollar in Asia today.

The yen also gained against the euro and moved off a 4-year low hit on Monday to end the Asian session today at 137.36 per euro. 

The euro eked out some against the dollar and shrugged off concerns of possible negative interest rates as hinted by ECB policymakers on Monday. The euro rose to $1.3527 in Asia today compared to Monday’s drop to $1.3489. 

Sterling was little changed against the dollar in the Asian session , trading at 1.6152 as markets wait on the sidelines for Bank of England Governor Mark Carney’s speech today, hoping to get an insight on monetary policy and the UK economic outlook.

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