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FOREX-Dollar climbs to 4-week peak ahead of long weekend; euro falls
2013年8月30日 / 下午2点09分 / 4 年前

FOREX-Dollar climbs to 4-week peak ahead of long weekend; euro falls

* Syria conflict still haunts market
    * Weak U.S. consumption, spending muddles Fed taper outlook
    * Yen supported by Japan exporter flows


    By Gertrude Chavez-Dreyfuss
    NEW YORK, Aug 30 (Reuters) - The U.S. dollar rose to a
four-week high against a basket of major currencies on Friday,
helped by persistent uncertainty about Syria and a weak euro
that has struggled in the wake of soft euro zone economic data.
    While Britain has rejected joining military action against
Syria, the United States said it will continue to seek an
international coalition on the issue, suggesting a strike on
Damascus, though not imminent, is likely at some point.
 
    The euro, meanwhile, fell to two week-lows against the
dollar on data showing benign inflation and elevated
unemployment in the euro zone.
    "There has been a lot of pressure on the euro because of the
weak data," said Camilla Sutton, chief currency strategist at
ScotiaBank in Toronto. As a result, "the European Central Bank
has room to deliver a relatively dovish message" at next week's
monetary policy press briefing.
    Friday's U.S. data were soft as well, save for the 
manufacturing index for the Midwest, which saw the index for
prices paid, an inflation signal, rise to their highest since
November. 
    But the 0.1 percent increase in both personal income and
consumption was lower than expected for the month of July. For
many market participants, however, those numbers won't prevent
the Federal Reserve from paring back its stimulus next month,
even if the reduction is at a smaller scale. 
    The interest rate-sensitive two-year U.S. Treasury yield
 traded near its highest since early July at 0.3947
percent while the 10-year yield was firm at 2.76
percent, widening the gap between comparable German Bund yields
 and lending support to the dollar.
    In mid-morning New York trading, the dollar index was
at 82.062, after hitting a four-week high of 82.092
    The euro was down 0.2 percent at $1.3217, touching a
two-week low of $1.3210. The currency slipped from highs after
Eurostat said annual consumer price inflation in August would be
1.3 percent, down from 1.6 percent in the previous month. And
while business confidence rose, unemployment remained high at
12.1 percent. 
    Investors will be wary of buying the euro before next week's
European Central Bank interest rate policy meeting. ECB
policymakers are likely to reiterate their pledge that rates
will be low for some time as economic recovery sets in slowly.
    "Euro zone unemployment shows that the real economy is in
dire straits and underlines that the ECB must keep monetary
policy super-accommodative for years to come," said David Brown,
economist at New View Economics.
    The dollar eased 0.1 percent versus the yen to 98.20 yen
, off an intraday high of 98.47 yen. Traders said
dollar-selling by Japanese exporters at month-end helped the
yen.
    The yen's rise was limited, however, due to ebbing of
safe-haven bids as emerging Asian currencies such as the Indian
rupee and Indonesian rupiah regained a bit of
calm after a sell-off earlier in the week.

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