Dollar pressured by GDP, yen advance stalls

Currencies Direct May 30th 2014 - < 1 minute read

The yen’s rise against the dollar stalled on Friday (May 30th),
though sentiment for the greenback remains under pressure after
weak GDP data was released on Thursday.

USD/JPY slipped to 101.50 in late Asian trade, while the yen
retreated from a four-month high against the euro.

The dollar came under pressure as official figures from the Bureau of Economic Analysis showed
the US economy contracted by one per cent in the first quarter.
Some support emerged as the number of people filing for
unemployment assistance fell.

Despite the weak GDP data, the dollar remained close to a
six-week high versus sterling. GBP/USD advanced 0.15 per cent on
Friday to 1.6743 but remains over two and a half cents off a recent
five-year peak.

The euro came off multi-week lows against the dollar, with the
EUR/USD
exchange rate
pushing up to 1.3615.

Pressure remains on the single currency amid market expectations
for the European Central Bank to loosen policy further when it
meets next week.

For all the latest news on currency exchange be sure to check
out our Daily Podcasts.

Written by
Currencies Direct

Select a topic: