Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Jordan condemns Israeli PM remarks on 'Greater Israel'    Egypt's Supreme Energy Council reviews power supply plans for 14 industrial projects    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egyptian pound closes high vs. USD on Tuesday – CBE    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Dollar Surges Again on Hopes for Clearer Fed Policy
Published in Amwal Al Ghad on 10 - 09 - 2014

The dollar was higher against its rivals in Asian trade Wednesday, hitting another, nearly six-year high in against the yen on expectations that the U.S. Federal Reserve will provide a clearer picture on the likelihood of an interest-rate hike.
Ahead of next week's FOMC policy meeting, the dollar USDJPY, +0.49% chalked up another fresh high against the Japanese currency, reaching ¥106.52 in mid-afternoon, its highest since October 2008. The greenback was at ¥106.42 compared with ¥106.20 late Tuesday in New York.
The euro EURUSD, +0.00% was lower at $1.2926 from $1.2937. The Australian dollar AUDUSD, -0.84% was at $0.9167 against $0.9203 after touching a low of $0.9157, the weakest since March.
The greenback kicked off Wednesday's session on a weak tone, as a fall in the Nikkei Stock Average prompted investors to lock in profits after the dollar's recent rally. But Japanese importers moved in to buy dollars in mid-morning for regular settlement of business transactions, while the stock market gave the dollar another lift at midday.
The benchmark Nikkei NIK, +0.25% was up 0.1% at 15,769.74 midday after staying in negative territory earlier in the session.
"It's natural to see profit-taking" as the dollar continues to chalk up six-year highs against the yen, said Yuzo Sakai, manager of FX business promotion at Tokyo Forex Ueda Harlow.
But the dollar is "strong enough to rebound even after a fall, a sign of how investor hopes are building for the FOMC meeting."
Investors showed a muted reaction to comments by a senior Bank of Japan official earlier Wednesday. Deputy Gov. Kikuo Iwata said the central bank can reach its 2% inflation target by taking appropriate monetary policy steps, downplaying the view that the central bank is relying on a weaker yen to attain its goal.
Mr. Iwata defended the more aggressive easing approach rolled out in April 2013, saying it has produced the intended effects on prices and the economy.
"The current round of inflation hasn't been brought about merely by the depreciation of the yen," Mr. Iwata told business leaders in the city of Kanazawa, northwestern Japan.
The dollar's strength has become increasingly clear, making it easier for investors to buy, said Shusuke Yamada chief Japan FX strategist at Merrill Lynch Japan Securities.
While "it won't be a surprise" if the dollar tests the lower half of ¥107 later this week, the greenback is still vulnerable to profit-taking, said Mr. Yamada. But the dollar will likely be well-supported if it breaks below ¥106, he said.
In other currency trade, the euro EURJPY, +0.57% was at ¥137.57 from ¥137.41.
The WSJ Dollar Index BUXX, +0.26% a measure of the dollar against a basket of major currencies, was up 0.12% at 76.09.
Source: MarketWatch


Clic here to read the story from its source.