Yen boosted, while Dollar sustained by sound US data
In London today, the US dollar marked a six-week rise against the euro, as was applauded by the sound U.S. housing data in the previous session. The falling stock market on the other hand, boosted the yen.
The latest update on Thursday about the upbeat housing data was that the U.S. new home sales had raised rapidly this April compared to the last 14 years due to the builders cutting the prices.
Since much of the Europe and United States were to remain shut on Monday due to public holidays, the trading was likely to be subjugated by the news or data as well as the position squaring.
Investors in Forex markets are taking a somewhat extra cautious approach to risk, as the recent meetings in stocks seeming to recede. They are trying to balance some of their carry trade bets.
FX strategist at Nordea in Copenhagen, Niels Christensen said that the dollar has become firm today after the housing data yesterday, although there is a hint of uncertainty on stock markets.Â
At 162.21 yen per euro, the Japanese yen hit a two-week rise before cutting back the gains to settle at 163.01.