The yen weakened from an almost six-week high versus the dollar as Chinese data signaled optimism for economic growth and fueled demand for riskier assets.
The Japanese currency dropped against 14 of its 16 major peers as the Tankan report showed areas of weakness in the nation’s economy, fueling speculation the Bank of Japan will ease policy further. The pound touched the highest level in more than five years versus the dollar after U.K. manufacturing growth unexpectedly accelerated. Expectations for currency price swings slumped to a record low.
“It seems to be a little bit more risk-on,” Sireen Harajli, a strategist at Mizuho Bank Ltd. in New York, said by phone. “The dollar is getting a little bit of a push.”
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015