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USD strengthens against EUR

USD-strenghtens-against-EUR-vs-Yen_FOREX_FXPIG

The U.S. dollar strengthened Monday, largely against Japan’s currency as traders anticipated a further run of loose monetary policy after Shinzo Abe was returned to power as prime minister of the world’s third-largest economy.

The euro was also under pressure ahead of this week’s monetary policy decision from the European Central Bank.

Where currencies are trading:

The ICE U.S. Dollar Index DXY, +0.19% a measure of the buck’s performance against six currencies, rose 0.3% to 93.958, extending last week’s gain of 0.6%. The WSJ Dollar Index BUXX, +0.22% gauging the greenback against 16 rivals, picked up 0.2% to 87.21. Last week, it bulked up by 0.8%.

The euro EURUSD, -0.3904%  dropped to $1.1743 from $1.1783 late Friday in New York, according to FactSet data.

Against the yen USDJPY, +0.23% the dollar was buying ¥113.91 versus ¥112.52 late Friday.

The pound GBPUSD, -0.1062%  traded at $1.3165, down from $1.3188.

The greenback also rose against the Swiss franc USDCHF, +0.2133%  , buying 0.9873 francs from 0.9844 francs.

What’s driving the market?

The yen fell as preliminary results from Japan’s snap election Sunday indicated Abe’s ruling coalition maintained a two-thirds majority in the lower houses of parliament. The result was in line with widely held expectations that had kept the yen under pressure in recent sessions.

The eurozone currency struggled as traders prepared for Thursday’s central bank policy statement, in which the ECB, led by President Mario Draghi, may say it’s planning to reduce monthly asset purchases from €60 billion ($70.5 billion).

What data is in focus?

The Chicago Fed national activity index for September comes out at 8:30 a.m. Eastern Time.

There are no Federal Reserve speakers on deck this week as the central bank has entered its “blackout” period ahead of its Oct. 31-Nov. 1 policy setting meeting.

Source:marketwatch.com

The U.S. dollar strengthened Monday, largely against Japan’s currency as traders anticipated a further run of loose monetary policy after Shinzo Abe was returned to power as prime minister of the world’s third-largest economy.

The euro was also under pressure ahead of this week’s monetary policy decision from the European Central Bank.

Where currencies are trading:

The ICE U.S. Dollar Index DXY, +0.19% a measure of the buck’s performance against six currencies, rose 0.3% to 93.958, extending last week’s gain of 0.6%. The WSJ Dollar Index BUXX, +0.22% gauging the greenback against 16 rivals, picked up 0.2% to 87.21. Last week, it bulked up by 0.8%.

The euro EURUSD, -0.3904%  dropped to $1.1743 from $1.1783 late Friday in New York, according to FactSet data.

Against the yen USDJPY, +0.23% the dollar was buying ¥113.91 versus ¥112.52 late Friday.

The pound GBPUSD, -0.1062%  traded at $1.3165, down from $1.3188.

The greenback also rose against the Swiss franc USDCHF, +0.2133%  , buying 0.9873 francs from 0.9844 francs.

What’s driving the market?

The yen fell as preliminary results from Japan’s snap election Sunday indicated Abe’s ruling coalition maintained a two-thirds majority in the lower houses of parliament. The result was in line with widely held expectations that had kept the yen under pressure in recent sessions.

The eurozone currency struggled as traders prepared for Thursday’s central bank policy statement, in which the ECB, led by President Mario Draghi, may say it’s planning to reduce monthly asset purchases from €60 billion ($70.5 billion).

What data is in focus?

The Chicago Fed national activity index for September comes out at 8:30 a.m. Eastern Time.

There are no Federal Reserve speakers on deck this week as the central bank has entered its “blackout” period ahead of its Oct. 31-Nov. 1 policy setting meeting.

Source:marketwatch.com

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