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- Forex: Thursday’s review
Forex: Thursday’s review
The yen rose to a record versus the dollar for the fourth time in five days day on speculation Bank of Japan measures announced today will fail to contain the currency’s rally. The yen strengthened even after the Bank of Japan expanded its credit and asset-purchase programs to a total of 55 trillion yen ($724 billion) from 50 trillion yen to damp the currency’s appreciation, which harms exporters.
The pound fell to a seven-week low against the euro after European Union leaders agreed to expand a rescue fund for indebted nations, damping demand for the perceived safety of the British currency. Sterling weakened versus all but three of its 16 major counterparts as Bank of England Markets Director Paul Fisher said the U.K. economy may be shrinking. Gilts declined after EU leaders meeting in Brussels yesterday said their plan points the way out of the sovereign debt crisis, reducing appetite for safer assets. U.K and European stocks gained.
EUR/USD: yesterday the pair gain to a seven-week high.
GBP/USD: yesterday the pair advanced.
USD/JPY: yesterday the pair showed new historical low, but restored later.
On Friday US data starts at 1230GMT with Personal Income & Expenditures data as well as the Employment Cost Index.At 1355GMT, the Michigan Sentiment Index is expected to be revised up to a reading of 58.0 in October from the preliminary estimate of 57.5.
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