So far this week, it is up a mere 0.1 percent. Other U.S. figures out on Thursday, including a worrisome decline in consumer prices, underscored the Fed’s reluctance to slow down its money-printing press. Since the surprise decision last week and following a string of speeches by Fed officials, markets are no clearer on when the Fed will eventually taper its stimulus. Three top Fed officials said on Thursday the central bank had confused markets over its policy outlook.
The euro fell against the dollar after Italy’s ongoing political crisis flared up and threatened to topple it shaky ruling coalition. The euro was down 0.2 percent at $1.3498. Against the yen, the dollar was up 0.2 percent at 98.72 yen but still not far from a one-week low of 98.27 yen touched earlier in the day. Large options expiries were reported at 95.0 yen, 99.0 yen and 100.0 yen.
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Forex Strategy: EUR/GBP and AUD/USD in Play
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Forex – USD/JPY falls despite decent CPI data
dollar on Thursday, as the release of disappointing U.S. economic growth data weighed on demand for the greenback amid ongoing speculation over the future of the Federal Reserve’s stimulus program. EUR/USD hit 1.3485 during European afternoon trade, the session low; the pair subsequently conslidated at 1.3499, shedding 0.20%. The pair was likely to find support at 1.3338, the low of September 18 and resistance at 1.3544, the high of September 23.
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A core tenant of Prime Minister Shinzo Abe’s efforts to rejuvenate the economy has been an ambitious goal of engineering inflation of at least 2% in two years. While some members of the Bank of Japan and other Japanese policymakers have said 2% inflation in two years will be a hard goal to reach, Friday’s CPI numbers may serve as another sign that Abenomics, albeit slowly, is working. Abe’s plan to raise sales tax in Japan also remains in focus. Next week’s tankan survey from the Bank of Japan is seen as crucial to Abe’s plan to push through the tax hike.