Dollar discovers ground after optimistic US data
February 21, 2014 8:33 amVideo
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The dollar surged away from a seven-week peak versus the euro and moved higher versus the yen in the Asian trade on Friday, which was reinforced by upbeat US economic data.
The number of Americans submitting new claims for unemployment benefits dropped last week, implying the labor market keeps on improving steadily amid severe cold weather.
Investors expected existing home sales report due today, as well as consumer confidence data to be released on Tuesday, for more evidence supporting the US Federal Reserve’s stance that it will continue to cut down its asset-buying stimulus as the economy improves in general.
The dollar gained around 0.1% to ¥102.33, driving away from the last session’s low of ¥101.65 and back towards a two-week peak of ¥102.73 on Tuesday. The yield on benchmark 10-year Treasury notes set at 2.755% on Friday, as compared to Thursday’s US close of 2.754%.
Market participants are also monitoring for developments from this weekend’s Group of 20 meeting of finance ministers and central bank heads in Sydney, at which global growth and latest turmoil in emerging markets are anticipated to be in focus.
The euro plummeted $1.3685 on Thursday, going away from Wednesday’s high of $1.3773, which was its most since January 2. It was last buying $1.3716, slimly down on the day. The euro was stable versus its Japanese counterpart at ¥140.37, but remained timid of a three-week level of ¥141.02 hit on Tuesday.
Blue euro zone business surveys also formed a shadow over the single currency. Markit’s Composite Purchasing Managers’ Index for the euro zone sank to 52.7 from January’s 31-month high of 52.9, losing forecasts for a gain to 53.1.
A much softer reading of French inflation intensified concerns about the risks of deflation in the euro zone, while French manufacturing data went short of predictions.
The material has been provided by InstaForex Company – www.instaforex.com
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