Dollar Firm As Fed Minutes Likely To Highlight Policy Divergence With Peers
Published 2014-11-19 09:12:11| Amwal Al Ghad English
The dollar hit a fresh seven-year high against the yen on Wednesday, and held near a 14-month peak versus sterling, as investors added favorable bets ahead of Federal Reserve minutes that could highlight policy divergence with its peers. The yen was on the defensive, falling to a six-year trough against the euro, after Japanese Prime Minister Shinzo Abe's decision to postpone a sales tax rise was seen as supportive for stock markets and negative for the yen. The dollar rose to as high as 117.44 yen JPY=, its highest level since October 2007. The dollar last traded at 117.35 yen, up 0.4 percent on the day. The euro was up 0.4 percent at 147.25 yen EURJPY=R, its highest since late 2008.The yen showed limited reaction after the BOJ kept policy unchanged on Wednesday as expected. Focus now turns to the Federal Reserve which will release minutes of its latest policy review. Traders expect the Fed minutes to sound relatively more hawkish and this could lift the dollar index .DXY.
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Get To Know
Born in 1954 in the coastal city of Balteem in the Delta governorate of Kafr El-Sheikh to a working-class family, Hamdeen Sabahi was the youngest of 11 children.He studied mass communication at Cairo University. A politically-active student, he was elected head of the Cairo University Student Union in 1975 and served as deputy chair of the General Federation of Students from 1975 to 1977. He established the political Nasserist Thought Club to mobilise on Cairo University’s campus in defence of the principles of Gamal Abdel-Nasser's 1952 revolution in a context of later rapprochement efforts with the West by then-president Anwar El-Sadat. As well as being a political activist, Sabahi worked as a journalist. In 1977, following the January popular uprising against Sadat over skyrocketing food prices, Sabahi publicly confronted the president in a televised meeting in which he spoke on behalf of the Cairo University Student Union. As a result, Sabahi was prohibited from working as a journalist in the state media sector for several years. Sabahi’s membership in the Arab Democratic Nasserist Party was suspended in 1994 due to internal conflicts between the party's young cadres – including Sabahi – and the party's old guard of personalities who had been close to late president Nasser.
Gold prices took another hit on Thursday, extending the prior session’s declines in the wake of word that a Swiss vote, which could require the country’s central bank to ramp up its holdings in bullion, may be losing support. Gold for December delivery GCZ4, -0.65% lost $10.70, or 0.9%, to $1,183.20 an ounce. December silver SIZ4, -1.22% was hit even harder, down 20 cents, or 1.3%, to $16.08 an ounce. A day earlier, gold took a hard hit early, but managed to recover some of the lost ground. The Fed minutes indicated that policy makers discussed how to present the upcoming rate hikes to the market, which are expected some time next year. On the economic front, initial weekly unemployment claims and the consumer price Index for October will both be released at 8:30 a.m. Eastern. Existing home sales for last month hits 90 minutes later. Traders will also get a peak at the Philly Fed manufacturing survey for November. In other metals trading, January platinum PLF5, -0.66% shed $13.60, or 1.1%, to $1,185.70 an ounce, while December palladium PAZ4, -0.77% gave up $5.85, or 0.8%, to $764.10 an ounce. High-grade copper for December delivery HGZ4, -0.59% lost a penny to $3.03 a pound.
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