Since there was no expression of concern at the yen's strength, traders interpreted this as a green light to resume their yen buying,
More Quotes from Alex Beuzelin:
Deteriorating market sentiment for the U.S. economy and yesterday's less-than-ringing endorsement of the strong dollar policy by Treasury Secretary Paul O'Neill fueled the dollar's latest losses,Alex Beuzelin
With a lack of any key economic news, once again the direction of the dollar is linked to the volatility on Wall Street.
Alex Beuzelin
It confirms the Fed's optimistic assessment of the U.S. economy, and essentially signals that the Fed's measured (monetary policy) tightening campaign will persist,
Alex Beuzelin
This morning, the currency markets were just as nervous as the rest of the financial markets. As the stock market stabilized, so did the U.S. currency.
Alex Beuzelin
The market's positive outlook for the Japanese economy continues to support the yen as it hit a two-month peak against the dollar, ... Technical factors continue to play a determining role in the behavior of the foreign exchange market as traders await next week's FOMC meeting. Despite recent encouraging euro-zone economic data, the euro is trading at a two-week low against the U. S. dollar.
Alex Beuzelin
That was an upside surprise in the headline PPI index. That's going to keep the Federal Reserve on track in raising interest rates at an incremental pace,
Alex Beuzelin
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