Pound Rose Against The Dollar For A Third Straight Day
ICM Brokers | Nov 27, 2014 01:53AM ET
EUR/USD
The European Commission proposed a 315 billion-euro ($394 billion) investment plan based on guarantees and a small amount of seed money in order to offer European Investment Bank funds to a wider range of projects. As the nation confirmed its economy expanded 0.7 percent in the third quarter, investors pushed 10-year gilt prices to a six-week high, and yields down to less than 2 percent for a second day. They were focusing more on related data showing a surprise drop in investment and a slump in exports that was bigger than economists predicted. Euro trade at 1.2505.
GBP/USD
The pound rose against the dollar for a third straight day, even as U.K. government bonds advanced following a report that showed a surprise drop in investment and a slump in exports. Sterling gained 1.2 percent since dropping to a 14-month low last week, a sign to some that the possibility of another year of record-low interest rates is already factored into the price. It added 0.5 percent to $1.5791 and has rallied from as low as $1.5590 on Nov. 14, the weakest level since Sept. 6, 2013.
USD/JPY
The yen gained as Bank of Japan Governor Haruhiko Kuroda said the monetary authority is committed to achieving a 2 percent inflation target. The dollar dropped 0.1 percent to 117.58 per yen, after reaching 118.98 on Nov. 20, the strongest level since August 2007 The yen was near the weakest level in seven years against the US Dollar as Bank of Japan board member Sayuri Shirai said she supported the central bank’s additional monetary stimulus last month.
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