Asian Session – Dollar breaks above 100 yen after Bernanke
July 18, 2013 6:08 am
The dollar extended gains in the Asian session on Thursday as markets reacted positively to commentary from Federal Reserve Chairman Ben Bernanke on Wednesday. Bernanke provided no surprises in his testimony and did not seem to suggest any major shift in his stance on tapering stimulus later this year.
Bernanke still left intact the prospect of the Fed scaling back its bond buying program this year although he did mention that this was not on a preset course and tapering was data-dependant.
The dollar initially had a choppy session after Bernanke’s comments during the New York trade as investors first sold then bought back the currency.
The dollar gained against the yen in Asia, breaking above the key 100.00 yen level for the first time in three days. USDJPY opened the session at 99.56 and rallied to a high of 100.16.
Yen could weaken further ahead of event risk this weekend due to Japan’s upper house elections on Sunday.
The euro revered gains made early this week against the dollar. EURUSD declined to a low of $1.3089 after falling from the Asian session open of $1.3123.
Sterling also edged lower to pare gains made yesterday after the BOE minutes. GBPUSD slid to $1.5172 from $1.5210.
The Australian dollar dropped against its U.S. counterpart, with AUDUSD slipping to $0.9157 from $0.9235
The dollar extended gains in the Asian session on Thursday as markets reacted positively to commentary from Federal Reserve Chairman Ben Bernanke on Wednesday. Bernanke provided no surprises in his testimony and did not seem to suggest any major shift in his stance on tapering stimulus later this year.
Bernanke still left intact the prospect of the Fed scaling back its bond buying program this year although he did mention that this was not on a preset course and tapering was data-dependant.
The dollar initially had a choppy session after Bernanke’s comments during the New York trade as investors first sold then bought back the currency.
The dollar gained against the yen in Asia, breaking above the key 100.00 yen level for the first time in three days. USDJPY opened the session at 99.56 and rallied to a high of 100.16.
Yen could weaken further ahead of event risk this weekend due to Japan’s upper house elections on Sunday.
The euro revered gains made early this week against the dollar. EURUSD declined to a low of $1.3089 after falling from the Asian session open of $1.3123.
Sterling also edged lower to pare gains made yesterday after the BOE minutes. GBPUSD slid to $1.5172 from $1.5210.
The Australian dollar dropped against its U.S. counterpart, with AUDUSD slipping to $0.9157 from $0.9235
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