Forex – Yen Slump Helps Dollar to Session Highs


© Reuters.

Investing.com – The dollar remained close to session highs against a basket of major currencies amid a sharp fall in the yen and upbeat economic data pointing to underlying strength in the US economy.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.57% to 89.59.

increased at a 2.9% annual rate in the October-December period, the Commerce Department said in its final estimate on Wednesday, beating a previous estimate of 2.5%, and economists’ expectations for a 2.7% increase.

CIBC said the better-than-expected growth data was driven by an upward adjustment to consumer spending to 4.0% from 3.8% and a smaller drag from inventories.

Sales of previously owned homes in the U.S., meanwhile, rose for the first time in three months in February, but tight supply is expected to continue to weigh on upward momentum in the months ahead.

The National Association of Realtors’ rose 3.1% to 107.5 in February.

Also supporting the greenback’s move higher was a slump in the yen amid easing concerns from the land-plot scandal engulfing Japanese prime minister Shinzo Abe.

Nobuhisa Sagawa, an ex-finance ministry bureaucrat, said there were no orders from Mr Abe, his wife Akie Abe, finance minister Taro Aso or any of the prime minister’s aides .

rose to a nearly two-week high of Y106.70, up 1.27%.

fell 0.56% to $1.2334, while lost 0.44% to $1.4096..

rose 0.09% to C$1.2900 as weakness in oil prices and weighed on the loonie.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Comments

comments