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Forex News: Dollar Drops Against Yen After BoJ Leaves Rates

Dollar Drops Against Yen After BoJ Leaves Rates Unchanged

01/23/2018 - 15:04:00 (RTTNews)

(RTTNews) - After a positive start to the day, the dollar has turned lower against all of its major rivals Tuesday afternoon. The continued U.S. data drought is keeping some investors on the sidelines despite the progress made by lawmakers to end the U.S. government shutdown.

The U.S. Senate voted 81 to 18 in favor of limiting debate on a short-term spending bill, which would fund the government through February 8th.

Democrats agreed to vote to advance the short-term spending bill after Republican leaders promised to hold a vote on legislation providing protections for young illegal immigrants brought to the country as children.

Meanwhile, the Bank of Japan maintained its aggressive monetary easing, as widely expected, and left its assessment of inflation and growth unchanged.

Governor Haruhiko Kuroda and his board members decided by an 8-1 majority vote to hold its target of raising the amount of outstanding JGB holdings at an annual pace of about JPY 80 trillion, the bank said in a statement on Tuesday.

The greenback reached an early high of Y111.174 against the Japanese Yen Tuesday, but has since dropped to around Y110.375.

Japan's all industry activity increased for the second straight month in November, and at a faster-than-expected pace, data from the Ministry of Economy, Trade and Industry showed Tuesday. The all industry activity index climbed 1.0 percent month-over-month in November, following a 0.3 percent rebound in October. Economists had expected a 0.8 percent rise for the month.

The dollar climbed to an early high of $1.2222 against the Euro Tuesday, but has since retreated to around $1.2285.

Germany's economic confidence improved to an eight-month high and the assessment of current situation hit a record in January, indicating an optimistic outlook for the economy in the first half of the year.

The ZEW Indicator of Economic Sentiment rose three points to 20.4 in January, survey results from the Mannheim-based think tank ZEW showed Tuesday. The score exceeded the expected level of 17.7 and was the highest since May, when the reading was 20.6. Nonetheless, the score was below its long-term average of 23.7.

The buck rose to a high of $1.3914 against the pound sterling this morning, but has since pulled back to around $1.3990.

The UK budget deficit was the smallest for the month of December in 17 years on credit from the EU and higher value-added tax.

Public sector net borrowing excluding banks decreased by GBP 2.5 billion from the previous year to GBP 2.6 billion, which was the lowest December net borrowing since 2000, data from the Office for National Statistics showed Tuesday.

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