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Dollar Strengthens Gainst Yen As Tension On Syria Eases

Dollar Strengthens Gainst Yen As Tension On Syria Eases

Market Review – 10/09/2013 22:13GMT Dollar strengthens against yen as tension on Syria eases The U.S. dollar rallied against the Japanese yen on Tuesday as prospects of a U.S. military strike against Syria eased after Syrian Foreign Minister Walid al-Moallem said that his government had agreed to a Russian proposal to place its chemical weapons under international control. Versus the yen, despite initial retreat from the Australian high of 99.76 to 99.47 in the Asian morning, the price started to rise as industrial production and retail sales from China added to signs that the world’s second largest economy is recovering from a slowdown. Later, the greenback penetrated Monday’s high of 100.11 in the European morning, and then climbed to a fresh 1-1/2 month peak at 100.47 in New York as the easing Syrian tension boosted investors’ demand for riskier assets. Data released from China on Tuesday showed that retail sales rose unexpectedly in August, while Chinese industrial production increased more than forecasted last month. The single currency retreated against the dollar after edging higher from the Asian low of 1.3250 to 1.3276 at the European open. However, failure to penetrate Monday’s New York high of 1.3281 prompted profit-taking and the pair fell to 1.3230 before staging another bounce to 1.3275 in the New York afternoon in part due to cross-buying of the euro versus The yen. The EUR/JPY rallied to a fresh 3-1/2 month peak at 133.31. Despite the Cable’s sideways trading below Monday’s high of 1.5733 in Asian trading, the British pound found support at 1.5686, and later rose above this resistance to a fresh 11-week high of 1.5745 in New York afternoon on cross-buying of sterling before easing. Data to be released on Wednesday : Australia Westpac consumer confidence, Japan Domestic CGPI, Germany CPI, HICP, U.K. claimant count, ILO unemployment rate, average earning, U.S. wholesales inventories, wholesale sales.

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