In what was a bumpy end to the week for foreign exchange markets, investors continued to ponder a world without the stimulus of the world's largest central banks. With the US dollar having strengthened considerably over the past month on the expectation that data flows would support a winding back of bond purchases, there has been sufficient enough evidence to suggest that investors have got ahead of themselves and thus far the move back into the USD may have been overdone. Supporting this notion on Friday US Industrial Production figures and Consumer Sentiment both missed expectation. In currency moves last week the US dollar was one of the biggest losers with the Japanese Yen gaining 3.5 percent by comparison. Moving to its lowest level since the 4th of April the USD/JPY opens this morning at a rate of 94.124. Meanwhile the strength of the Euro continues to defy a weak macro environment especially given the “risk off” nature of the market as it opens stronger this morning at a rate of 1.3346.
Posted on: Sun, 16 Jun 2013 23:54:13 +0000
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