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22 Feb, 2012 - USD rises to 6 month high, ahead of positive US data
USD rises to 6 month high, ahead of positive US data
The US Dollar rose to a 6-month high against the Japanese Yen, ahead of data that may show a recovery in the US housing market.
The Dollar climbed 0.4% to 80.07 Yen, earlier in Tokyo, the strongest level since Aug 4. At the time of writing, the USD retreated to 79.96250 Yen. The Japanese Yen also dropped against all 16 major counterparts. Meanwhile, FX Traders are awaiting data later today from the US which may show that home sales rose for a 4th consecutive month in January, to the highest annual level since May 2010.
“The stronger the US economy, the stronger the sense that the interest-rate story will turn around and some of the strength in the yen relative to the U.S. dollar starts to reverse course”, commented Strategist Gavin Stacey. “The risk-on tone is seeing some of the yen strength dissipate”, he explained.
For a more detailed currency outlook or to find out how economic and political news could affect your currency transfers, speak to a deVere FX Manager today.
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