4/20/2017, 5:10 PM (Source: TeleTrader)
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Dollar slips but Kuroda sends yen to eight-day low

The greenback fell against against the euro and the pound on Thursday, surrendering yesterday's gains and looking to end the seventh session out of nine in the red compared to the British currency. Sterling is still underpinned by the favorable position of the ruling Tories ahead of the snap election, and the euro strengthened on the back of a rise in consumer confidence as well as Emmanuel Macron's improving position as a frontrunner in the presidential race in France.

Conversely, the dollar continued the rally against the yen after today Bank of Japan Governor Haruhiko Kuroda signaled the pace of asset purchases is here to stay so that policymakers can keep control over the yield curve. He also said that when the currency appreciates as a safe-haven asset in times of turmoil in the world, it makes the rate-setters' job more difficult.

The euro jumped 0.5% to $1.07642, following a rise to as high as $1.07775, unseen since March 29. The pound was 0.44% in the green at $1.2834, compared to the daily high of $1.2846. The dollar changed hands for ¥109.193 or 0.3% higher in the session, after climbing to ¥109.4465, the strongest level relative to the Japanese currency since April 12.

The exchange rate of the euro versus the yen rose 0.83% to ¥117.566, after reaching ¥117.835, last seen ten days before. The pair is widely watched as a gauge of sentiment from the developments in the presidential election campaign in France.

Baha Breaking News (BBN) / IT