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Dollar trades at 4 ? year high against the Yen

Discussion in 'Forex Daily News & Outlook' started by prav, Jun 14, 2007.

  1. prav

    prav Moderator
    Staff Member

    Apr 28, 2007
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    The Dollar climbed to a 4 ? year high against the Yen on Wednesday, helped by data indicating US retail sales growth in May was the highest since January 2006, which many investors took as a sign of a pick-up in US economic growth. US retail sales increased by a better than expected 1.4% in May, consensus was 0.6%. The surge in sales looks to have been driven by the unseasonably warm weather - it was the 13th warmest May out of the last 113 years. US Treasury debt rose on Wednesday largely due to short-covering, yields have raised steeply since April on a steady stream of stronger economic data, pulling the dollar higher in their wake. With few data releases or economic events on Thursday, traders await US inflation data on Friday to gauge price pressures in US. Market players are also keeping an eye on the Bank of Japan's two-day policy meeting that starts on Thursday and the news conference by BoJ Governor Toshihiko Fukui due on Friday.


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