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Tuesday, August 13, 2013

Dollar Touches Week High Before Retail Sales Report, Yen Slides



The dollar touched the highest in almost a week versus the yen before a report today that may show U.S. retail sales climbed for a fourth month.

The Bloomberg U.S. Dollar Index advanced for a second day amid speculation stronger data will bolster the case for the Federal Reserve to scale back its asset purchases. The yen held declines against all of its 16 major counterparts after Japan’s machine orders fell in June, spurring bets that the Bank of Japan will step up stimulus measures. The euro strengthened versus most of its peers before a report that may show German economic confidence is at a five-month high.

The dollar rose 0.5 percent to 97.43 yen as of 9:39 a.m. in Tokyo after earlier touching 97.44, the strongest since Aug. 7. It was little changed at $1.3293 per euro. Japan’s currency slid 0.5 percent to 129.49 per euro.

The Bloomberg U.S. Dollar Index added 0.2 percent to 1,022.74 after gaining 0.4 percent yesterday, its first advance in more than a week.

The U.S. Commerce Department will probably say today retail sales climbed 0.3 percent last month after a 0.4 percent advance in June, according to the median forecast of economists surveyed by Bloomberg News.
(Source: Bloomberg)

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