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Forex News
FX round-up: Dollar weakens on stimulus speculation
Tue, 17th Jul 2012 06:34
The dollar declined on Monday as a surprise fall in US retail sales last month prompted further spec
The ICE dollar index, which measures the US unit against a basket of six trade-weighted currencies, dropped to 83.192 from 83.324 the previous session.
US retail sales fell 0.5% between May and June, the third consecutive month of weak data. Expectations of another round of quantitative easing are increasing following a string of disappointing US economic data.
US Fed Chairman Ben Bernanke speaks before congressional panels about monetary policy this week and investors will be monitoring his words closely for any hints that more money will be pumped into the system.
The euro rose to $1.2274 on Monday from $1.2246 the previous session as investors reduced short positions on the single currency and after US retail sales unexpectedly fell in June.
Traders also mulled comments from China Premier Wen Jiabao over the weekend that the economic recovery was not yet stable.
Against the yen, the dollar fell 0.4% to ¥78.82 after trading at a low of ¥78.67 earlier in the session.
Sterling traded at $1.5633 from $1.5570 on Friday and the euro fell 0.4% to 78.33p against the pound on fears about growing risks to Italy and Spain's finances.
CJ
ulation that the Federal Reserve will take action to boost the economy.
The ICE dollar index, which measures the US unit against a basket of six trade-weighted currencies, dropped to 83.192 from 83.324 the previous session.
US retail sales fell 0.5% between May and June, the third consecutive month of weak data. Expectations of another round of quantitative easing are increasing following a string of disappointing US economic data.
US Fed Chairman Ben Bernanke speaks before congressional panels about monetary policy this week and investors will be monitoring his words closely for any hints that more money will be pumped into the system.
The euro rose to $1.2274 on Monday from $1.2246 the previous session as investors reduced short positions on the single currency and after US retail sales unexpectedly fell in June.
Traders also mulled comments from China Premier Wen Jiabao over the weekend that the economic recovery was not yet stable.
Against the yen, the dollar fell 0.4% to ¥78.82 after trading at a low of ¥78.67 earlier in the session.
Sterling traded at $1.5633 from $1.5570 on Friday and the euro fell 0.4% to 78.33p against the pound on fears about growing risks to Italy and Spain's finances.
CJ
