Dollar grips plunge before US factory data
March 24, 2014 8:31 amVideo
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The US dollar clung to decline versus the euro and yen at the end of last week as investors counted on prospects for US growth against hints the Federal Reserve will escalate borrowing costs next year.
Demand for the greenback was restrained prior to a private report today that economists say the proliferation in US manufacturing is slowing down. Fed policy makers moved to more qualitative direction and increased predictions for borrowing-cost levels on March 19, prodding a leap in the greenback. Australian dollar kept an ascension before the data today on Chinese manufacturing.
The dollar settled at $1.3791 per euro as of 10:01 a.m. in Tokyo after erasing 0.1% to $1.3794 at the end of last week. It was slightly changed at ¥102.36. The greenback decreased 0.1% on March 21, cutting its weekly advance to 0.9%. The euro set at ¥141.15, previously ¥141.04.
The Australian dollar was at 90.84 U.S. cents after a 0.6% profit to 90.81 last week. The policy-setting Federal Open Market Committee disregarded last week a jobless-rate outset for considering when to raise borrowing costs and said it would look at a broader range of data. It has held the benchmark interest-rate target at zero to 0.25% since 2008. Policy makers also voted to trim monthly bond-buying by $10 billion.
In a press conference, Fed Chair Janet Yellen said she saw a sizable time between the end of bond purchase stimulus and the first rate jolt, meaning in around six months. Futures traders, before the FOMC meeting, had escalated their bearish stakes on Intercontinental Exchange Group Inc.’s Dollar Index. The difference in the number of wagers by hedge funds and other large speculators on a plunge in the gauge compared with those on a gain climbed 11,992 contracts to 12,170 for the week ended on March 18, the most for net shorts since December
2012, based on Washington-based Commodity Futures Trading Commission figures.
The material has been provided by InstaForex Company – www.instaforex.com
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