Dollar Set for Monthly Gain Versus Peers on Fed Bets
Bloomberg, (30/5) -- The dollar was set to complete a monthly gain
against all of its 16 major counterparts amid speculation the Federal
Reserve will reduce monetary stimulus.
The greenback rose versus the yen ahead of U.S. data on first-quarter growth today. The Japanese currency climbed earlier against the euro after weekly government data showed Japanese investors cut their holdings of foreign debt by the most in more than a month. A gauge of implied volatility for Group-of-Seven currencies climbed to a three-month high.
“The dollar will be resilient,” said Daisaku Ueno, a senior foreign-exchange and fixed-income strategist at Mitsubishi UFJ Morgan Stanley Securities Co. in Tokyo. “The U.S. appears to be the closest to an exit strategy among major economies,” he said, referring to monetary stimulus.
The dollar added 0.1 percent to 101.24 yen as of 10:49 a.m. in Tokyo, extending its advance to 3.9 percent since the end of April. The yen fell 0.3 percent to 131.23 per euro after earlier gaining as much as 0.4 percent. Europe’s 17-nation currency advanced 0.2 percent to $1.2962, trimming its monthly slide to 1.6 percent.
The greenback rose versus the yen ahead of U.S. data on first-quarter growth today. The Japanese currency climbed earlier against the euro after weekly government data showed Japanese investors cut their holdings of foreign debt by the most in more than a month. A gauge of implied volatility for Group-of-Seven currencies climbed to a three-month high.
“The dollar will be resilient,” said Daisaku Ueno, a senior foreign-exchange and fixed-income strategist at Mitsubishi UFJ Morgan Stanley Securities Co. in Tokyo. “The U.S. appears to be the closest to an exit strategy among major economies,” he said, referring to monetary stimulus.
The dollar added 0.1 percent to 101.24 yen as of 10:49 a.m. in Tokyo, extending its advance to 3.9 percent since the end of April. The yen fell 0.3 percent to 131.23 per euro after earlier gaining as much as 0.4 percent. Europe’s 17-nation currency advanced 0.2 percent to $1.2962, trimming its monthly slide to 1.6 percent.
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