Forex - Broadly weaker dollar slips to 2-week low against yen
Investing.com
Published Apr 14, 2011 03:52AM ET
Investing.com – The yen climbed to a two-week high against the broadly weaker U.S. dollar on Thursday, as expectations that the Federal Reserve would stick to its loose monetary policy weighed on the greenback.
USD/JPY hit 83.28 during early European trade, the pair’s lowest since April 1; the pair subsequently consolidated at 83.48, shedding 0.41%.
The pair was likely to find support at 83.11, the low of April 1 and resistance at 84.26, Wednesday’s high.
The dollar’s losses came after the Commerce Department reported on Wednesday that total U.S. retail sales increased only 0.4% in March, compared with a 1.1% gain in the prior month, as rising gasoline and home-furnishings revenue offset declining sales of cars.
Meanwhile, the Federal Reserve’s Beige Book report said that economic activity in the U.S. continued to improve over the last month, helped by the manufacturing and retail sectors, but the disaster in Japan and higher energy prices created new uncertainty about the outlook.
Meanwhile, the yen edged higher against the euro, with EUR/JPY dipping 0.04% to hit 121.03.
Later in the day, the U.S. was to publish government data on initial jobless claims and producer price inflation.
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Written By: Investing.com
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