The US Dollar Declines for a 2nd Day Versus Yen

The dollar weakened for a second day against the yen as investors pared bets the Federal Reserve will signal a change to its asset-buying program at the end of a two- day meeting tomorrow.

The U.S. currency was 0.2 percent from its lowest in 11 months versus the euro before a report today forecast to show confidence among U.S. consumers declined in January. The yen climbed against all its 16 most-traded counterparts as investors reduced wagers it would keep falling after sliding for the past 11 weeks in the longest losing streak on record.

“We’re going to get a pretty clear reiteration from the Fed that quantitative easing will continue for quite some time,” said Sean Callow, a senior currency strategist at Westpac Banking Corp. in Sydney. “The strong dollar story is a tough case to make right now.”


This article 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 Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.