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The dollar held gains against the yen
and euro from the end of last week before U.S. data on retail sales
today that may add to the case for the Federal Reserve to reduce
monetary stimulus.
The Bloomberg Dollar Index last week posted its first drop in a month after Fed Chairman Ben S. Bernanke signaled that bond buying won’t be dialed back soon. He is scheduled to speak on monetary policy this week. The Australian dollar rebounded after the biggest decline in a month ahead of a Chinese report today on second-quarter economic growth. The dollar rose 0.1 percent to 99.30 yen as of 8:53 a.m. in Singapore following a 0.3 percent advance on July 12. It added 0.1 percent to $1.3059 per euro after rising 0.2 percent on July 12. The European currency was little changed at 129.69 yen. Financial markets in Japan are closed today for a national holiday. The Fed buys $85 billion of Treasuries and mortgage debt each month as part of its quantitative-easing program to cap borrowing costs, which tends to devalue the U.S. currency. Bernanke on July 10 damped speculation that the Fed would slow its bond-buying program. “Highly accommodative monetary policy for the foreseeable future is what’s needed in the U.S. economy,” he said that day. The Fed chairman will deliver a semi-annual monetary policy report to Congress on July 17. |
Written by: Kontak Perkasa Futures
PT.Kontak Perkasa Futures, Updated at: 9:26 AM
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