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Dollar Sees Some Relief, Bounces Off 8-mth Low Against Yen

Dollar Sees Some Relief, Bounces Off 8-mth Low Against Yen

As the Asian session opened, the US dollar dipped against the yen to 96.55, a new eight month low. However, in a surprise move, the dollar rebounded fast and advanced throughout the session to gain over 60 pips. As the European session came around, the USD/JPY was up at 97.15 yen. The dollar however might come under renewed pressure as the US government shutdown goes into a second week and the US debt ceiling is approaching on the 17th of October. So far there are no signs of any breakthrough in the stalemate, and if investors get more nervous, they will likely move funds into safe haven assets like the yen. For today, there has been some rebound in the dollar. The dollar gained 0.1 percent against a basket of six major currencies after slipping 0.2 percent yesterday. Against the euro, the dollar edged up slightly, with the EUR/USD sliding to a session low of $1.3556 from $1.3579, currently down about 15 pips as the pair enters the European session at $1.3563. The British pound was little changed, edging slightly slower against the dollar in Asia, to $1.6064. The dollar also bounced against the Swiss franc, with the USD/CHF up from 0.9027 to 0.9058.

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