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USD/ JPY breaches 103

Published: 17 May at 4 PM Tags: Euro, Dollar, America, Eurozone, USA, Japan,

The US Dollar surged against the Japanese Yen after being buoyed by better-than-expected US consumer sentiment data. The currency was also supported after a Federal Reserve official suggested that the Central Bank will start winding down its bond buying programme.

The Dollar rose as high as 103.09 Yen after data showed the Thomson-Reuters/University of Michigan early-May consumer sentiment index jumped to 83.7 from 76.4 at the end of April and a preliminary April reading of 72.3. Economists surveyed by Dow Jones Newswires had expected the preliminary-May index to increase to 78. The early May reading is the highest since July 2007. , its highest since October 2008, and last traded at 102.94 yen, up 0.7 percent on the day. It had been trading at about 102.58 before the data release.

The Euro briefly fell as low as $1.2795 and last traded at $1.2824, down 0.4% on the day. It had been trading at about $1.2814 before the data.
Yesterday the ‘greenback’ fell during Thursday's session following a climb in U.S. weekly jobless claims, mixed signals from the housing market, and data showing conditions in the Philadelphia region's manufacturing sector worsened this month.

But the Dollar saw a turnaround after San Francisco Federal Reserve President John Williams said on Thursday that the Fed can slow the pace of buying $85 billion a month in bonds, possibly as early as the summer if the economy expands in line with his forecasts.

As of Friday, 17th May 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1816, GBP USD exchange rate was 1.5171, and GBP JPY exchange rate was 156.5833.
Patrick James About Author: (289 Posts)Patrick completed his economics degree just as the global financial crisis struck in 2008. In the intervening years Patrick has made his mark, climbing to a prominent position within a large financial services provider. As part of his role Patrick uses his expertise to advise companies of the best ways to safeguard against currency risk.

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