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European Session – US dollar rallies versus yen after strong core US retail sales data
October 29, 2013 1:03 pmVideo
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The strength in the US dollar exhibited today shows that market participants expect that the Federal Reserve will be continuing with ultra loose monetary policy and maintain its current pace of bond purchases.
The FOMC begins a two-day policy meeting today and will announce its policy decision tomorrow. Many investors will be closely watching for any clues on tapering.
During the European session, risk assets, like the euro and pound sterling, were sold off against the dollar. Meanwhile the dollar found added strength in good US retail sales data. Core retail sales rose as expected by 0.4% in September from a previous 0.1%. This was better than the headline figure of a 0.1% drop.
The dollar rallied strongly against the yen after the US data, reaching as far as 97.95 but unable to break key resistance at 98.00. USDJPY is up 0.37% in the session. A broadly weaker yen helped boost the pair. Euro also gained versus the yen, climbing 0.2% to 134.82.
The euro slid 0.13% against the dollar during the European session, halting its decline at 1.3753.
The British pound fell below the key 1.6100 level to lose 0.16%, despite better UK lending data.
In the upcoming US session, focus will turn to more US data on CB consumer confidence and Case-Shiller house prices.
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