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- REFILE-FOREX-Euro bounce pauses, plenty of risk ahead
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- Euro extends losses, hits 10-yr trough on yen
- Euro struggles, dollar bulls unimpressed by Obama
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- Euro falls to 6-mth low vs yen as debt fear mounts
- Euro, Aussie dollar struggle as risk aversion mounts
- Franc, Yen Advance as Economists Predict U.S. Job Growth Slowed Last Month
- Aussie in positive territory after local data
- FOREX NEWS :: Dollar steady after short- covering rally
- Japan boosts FX monitoring, creates $100 bln credit line
- Pound reverses fall vs euro but euro zone, UK concerns weigh
- Dollar Rallies as Fed Statement Fails to Calm Concern Over Slowing Growth
- FOREX-Swiss franc hits record vs euro as market confidence dives
- G7 seeks to calm markets rocked by debt crises
- Swiss franc elevated on economy fear, yen on BOJ watch
- Yen dives as Japan follows Swiss in currency war
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- US debt standoff makes investors sell stocks, buy gold
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- FX Concepts’ Taylor Sees One More ‘Risk Rally’ Before Recession Takes Hold
- Bank of Korea confident U.S. will avoid debt catastrophe
- FOREX-Euro, dollar strike new lows on Swiss franc
- FOREX-Dollar steadies as impact from S&P warning short-lived
- Yen Declines on Speculation Japan Will Intervene; Aussie, Kiwi Strengthen
- FOREX-Euro sinks to record low vs Swiss franc as debt concerns spread
- CME to launch new Yuan FX futures contracts
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- China’s Equity Markets
- FOREX-Euro and Aussie edge up, China CPI not as bad as feared
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- Euro Falls, Heads for Weekly Drop, on Speculation Rate Increases Will Slow
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FOREX NEWS :: Dollar steady after short- covering rally
Dated Posted: 2011-08-25
SINGAPORE, Aug 25 - The dollar held steady against the yen on Thursday, clinging to gains made the previous day on short-covering as investors fretted that the U.S. Federal Reserve may not signal new stimulus for the economy this week.
While investors are worried that the U.S. economy may slip into recession, they are not convinced that Fed Chairman Ben Bernanke is ready to signal another bond-buying programme when he addresses a central bank conference on Friday in Jackson Hole, Wyoming.
A profit-taking slide in gold, and a rise in U.S. Treasury yields after July U.S. durable goods orders came in stronger than expected, also helped the dollar rise broadly on Wednesday, analysts said.
The dollar could add to its gains against the yen in the near-term, given the potential for further position unwinding, said a customer trader for a major Japanese bank in Tokyo.
"The dollar might rise a bit above 77.23 yen, its August 22 high, if market players try to trigger stop-loss buying," the trader said.
Traders said, however, that the potential for month-end dollar selling by Japanese exporters was likely to keep any gains by the dollar relatively limited.
The dollar held steady at 76.96 yen , staying above a record low of 75.941 yen hit on trading platform EBS last week.
Japan unveiled a $100 billion credit line on Wednesday for companies investing overseas and stepped up monitoring currency positions of financial institutions in an attempt to curb the yen's strength.
Market players see the credit line as a measure intended to help offset the pain of yen strength for Japanese exporters rather than to curb the currency itself.
Against a basket of major currencies, the dollar stood at 74.054 , having pulled up from the previous day's trough of 73.666.
Market players cautioned against reading too much into the previous day's sell-off in gold and U.S. bonds plus a rally in equities, saying the moves were likely rooted in position unwinding rather than any big shift in risk appetite or investors' views of economic fundamentals.
"I don't think market players are all that bullish about the outlook for the global economy," said Makoto Noji, senior bond and currency strategist for SMBC Nikko Securities in Tokyo.
"If economic conditions don't show much improvement as we enter September and October, I think U.S. authorities will face pressure again to adopt additional economic stimulus measures and the dollar could come under pressure, especially against the yen," Noji said.
The euro held steady against the dollar at $1.4410 . The Australian dollar rose 0.1 percent to $1.0470 , having dipped 0.5 percent the previous day.
Source: Reuters
