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Forex: Thursday’s review
Yesterday the yen against the dollar reached its lowest level in four months, as investors speculated that the Bank of Japan will expand monetary stimulus of the economy next week.
Japan's currency fell against most major currencies after the Nikkei newspaper reported that the Bank of Japan will consider increasing its program of asset purchases.
The dollar regained its early losses against the major currencies as risk appetite started to wane, and U.S. stocks moved into positive territory. Growth rates also helped the published data, which showed that orders for durable goods rose by 9.9% in September, after falling 13.1% in August. At the same time, economists had forecast an increase of 7.5%.
Also, the rating agency Fitch said that its negative outlook on the U.S. credit rating at AAA is still unlikely to change until the end of 2013, as assess any reduction in the deficit will be possible only after the elections to be held this year.
Sterling has grown significantly, as data showed that the UK's gross domestic product rose by 1% in three months (to June), while showing the fastest rate of expansion in the last five years, and exceeded even the most optimistic estimates from analysts.
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