Dollar Stays Higher Versus Yen Before U.S. Spending Data

The dollar remained higher versus the yen following a gain yesterday before U.S. data forecast to show consumer spending climbed the most in five months.

The greenback held a gain against the euro as investors weigh whether Federal Reserve Chairman Ben S. Bernanke will signal a new round of bond buying when he speaks in Jackson Hole, Wyoming tomorrow. The euro was 0.5 percent from reaching an eight-week high versus the yen after European Central Bank President Mario Draghi said it’s in Germany’s interest to consent to extraordinary steps to preserve the single currency.

“The market is scaling back its expectations a little bit for another clear signal of imminent policy easing as early as this week,” said Ray Attrill, global co-head of foreign- exchange strategy at National Australia Bank Ltd. (NAB) in Sydney. “That’s why the dollar is just a little bit firmer.”

via Bloomberg

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