Currency slide: Dollar remains under pressure
dollar rise to ¥97.43 yen from ¥97.29.
NEW YORK:
The dollar was under pressure on Friday as disappointing US economic data reaffirmed views that the Federal Reserve will keep its foot on the stimulus pedal into next year. The euro bought $1.3805, up from $1.3798, while the dollar rose to ¥97.43 yen from ¥97.29 and the euro also gained against the Japanese currency, climbing to ¥134.50 from ¥134.26. An official of the BK Asset Management said that the Investors sold US dollars this week on the growing belief that the Fed will pass on reducing asset purchases this year. The official said that Since the US government was shut down at the beginning of the month, more investors started to adjust their positions in currencies in favor of tapering in 2014 versus 2013.
Published in The Express Tribune, October 27th, 2013.
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