The dollar remained higher against the yen before regional Federal Reserve presidents speak amid speculation the U.S. central bank will consider reducing monetary stimulus as early as next week.
St. Louis Fed President James Bullard, who has said policy makers could taper at this month’s meeting, and Dallas Fed President Richard Fisher will speak separately today. The euro reached a five-year high versus the yen before data forecast to show a pickup in industrial production in Germany, Europe’s largest economy. Australia’s dollar held a two-day gain after China trade surplus increased to a four-year high.
“If Fed hawks Lacker and Fisher say something supportive of a December taper, it’ll trigger dollar buying, and we could test the May high in dollar-yen,” said Toshiya Yamauchi, a senior analyst in Tokyo at Ueda Harlow Ltd., which provides margin-trading services, referring to Richmond Fed President Jeffrey Lacker and the greenback’s five-year high of 103.74.
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