U.S. Dollar stable in early Asian trading action
April 21, 2014 5:48 amVideo
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The dollar plays stable in early Asian trading action on Monday, though a tight situation in Ukraine was likely to keep traders on their toes.
The dollar bolstered to a 2 1/2 week high versus the yen after data revealed Japan recorded a record trade deficit in the fiscal year that ended in March. It last purchased 102.58 yen, up about 0.1 percent, after surging as high as 102.63 yen.
The U.S. unit also skyrocketed versus a basket of major currencies, with the dollar index .DXY soaring about 0.1 percent to 79.871.
“The greenback’s gains are consistent with our caution last week against playing for a breakout as key support for the dollar had been approached,” Marc Chandler, global head of currency strategy at Brown Brothers Harriman, said in a note to clients.
“The issue remains the same for the week ahead. Assuming no exogenous shocks, such data or comments that require a significant reassessment of the macro-view, that is to say, the continued status quo favours continued range trading,” Chandler added.
The non-stop crisis in Ukraine added to the yen’s safe-haven appeal and was likely to maintain the Japanese currency’s pullbacks in check.
The euro jumped about 0.2 percent versus its Japanese peer to 141.67 yen, moving higher near a two-week high of 141.77 yen hit on Wednesday.
Versus the greenback, the euro was firm at $1.3813, though still well shy of a 3-1/2-week topmost performing mark of $1.3906 recorded on April 11.
The euro achieved a 2-1/2-year high near $1.40 last month, triggering European Central Bank officials to articulate their concern that an empowering currency could damage the euro zone’s nascent surge.
In the week ahead, U.S. housing information on Tuesday will possibly finalize that the spring merchandising season got off to a slow beginning last month. Commerce Department data on Wednesday is tipped to reveal new home sales were slightly altered, though the durable goods orders report on Thursday is assumed to reveal a 2.0 percent hike in overall orders and a 1.5 percent increase in the orders for core capital goods.
While the outlook for U.S. financial policy continues to be the key to the dollar’s route, remarks from Federal Reserve officials will temporarily cease from Tuesday, due to the formal blackout that stops any public communications on policy until the Friday after the next regular Federal Open Market Committee assembly taking place April 29-30.
The material has been provided by InstaForex Company – www.instaforex.com
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