Forex - Dollar stronger against yen ahead of Obama speech
Investing.com
Published Sep 08, 2011 04:15AM ET
USD/JPY hit 77.42 during late Asian trade, the daily high; the pair subsequently consolidated at 77.37, gaining 0.18%.
The pair was likely to find support at 76.71, Tuesday’s low and resistance at 77.70, Wednesday’s high.
In his speech to Congress, President Obama was expected to announce federal spending of around USD300 billion to boost job creation and shore up the faltering U.S. economy.
In Japan, official data released earlier showed that machinery orders fell more-than-expected in July, adding to concerns that the appreciation of the yen is having a negative impact on Japan’s recovery from March’s earthquake disaster.
On Wednesday, Japan’s senior vice finance minister dismissed speculation that Japan would follow the Swiss central bank’s intervention in currency markets, saying "Japan must not provoke a currency war by itself."
Meanwhile, the yen was almost unchanged against the euro, with EUR/JPY easing up 0.02% to hit 108.09.
Later in the day, the U.S. was to publish its weekly report on initial jobless claims, while Federal Reserve Chairman Ben Bernanke was to speak. His comments would be closely watched for clues to the future possible direction of monetary policy.
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Written By: Investing.com
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