Aug 16 2013
Dollar Gets Weekly Gain Against Yen
There are signs of improvement of US economy as the dollar gains biggest weekly gain in a month versus Yen. The confidence of the consumer took a boost to six years high as the currency of US is set for a weekly advance. Because of five day gain in euro it is indicated that there might be a pickup in manufacturing and services. Due to the earth quake in New Zealand, its currency has stepped down from two month high.
A Sydney based currency strategist at CBA, Joseph Capurso said “There is still room for dollar to strengthen. When the Fed does pull the trigger it would be quite supportive for dollar.”
The dollar added 0.2 percent to 97.56 yen as of 6:46 a.m. in London, poised for a 1.4 percent gain since Aug. 9. It was little changed at $1.3342 per euro from yesterday and from $1.3342 at the end of last week. The euro rose 0.2 percent to 130.16 yen today. Benchmark U.S. 10-year note yields were at 2.78 percent after touching 2.82 percent yesterday, the highest since August 2011.