Wednesday, 14 March 2012

Dollar Rises Against Yen And Euro Over Strong US Economic Outlook

The dollar rose to an 11-month high against the yen and a one-month high against the euro today amid US retail sales data reinforcing expectations that no monetary stimulus would be announced from the central bank, going to meet later in the day.

The euro was down 0.3% at $1.3113 after falling as low as $1.3050, the currency's lowest level since February 16. The dollar was last trading at 0.5% high against the yen, at 82.63 after touching an almost 11-month peak of 82.85 yen, its highest level since April 20.

The dollar regained its losses against the Yen, following the discontinuation of aggressive monetary stimulus from the Bank of Japan Tuesday, while the euro continued to remain pressurized by the uncertain financial conditions in Europe, despite a stronger-than-expected German data.