Asian Session – Dollar eases off 4-year highs as yen gains
May 14, 2013 7:24 amVideo
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Tuesday’s Asian session saw the dollar being knocked off multi-year highs against the yen as the recent sharp rally prompted investors to take profit, and await more US economic data later today.
Any positive data will give even more reason for the Federal Reserve to taper off quantitative easing. Monday’s strong US retail sales data as well as last week’s improved jobs data, has raised speculation that the Fed will begin to cut back on bond buying, which tends to weaken the dollar.
The recent strong data pushed the dollar to a four-year high against the yen, with USDJPY breaking past the 100 yen level last week and touching 102 yesterday, before easing down to 101.5 in Asian trading today.
EURJPY sipped to 131.70 from 132.27. Meanwhile, helping stop a further slide int eh yen was a spike in Japanese government bond yields, which reduces the relative attraction of foreign bonds for Japanese investors.
The 10-year JGB yield shot up to a nine-month high of 0.855 percent, having risen more than a quarter of one percentage point in the past three sessions.
In other currencies, the euro also halted its slide and gained to a session high of $1.3025, moving off a five-week low of $1.2934 hit on Friday.
Focus will be on a series of US data, including today’s industrial production, and then housing starts and consumer prices on Thursday and consumer sentiment data on Friday.
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