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16.09.2013 06:00

Asian session: The dollar dropped

00:00 Japan Bank holiday


The dollar dropped to its lowest in more than two weeks versus the euro as the exit of former Treasury Secretary Lawrence Summers from the race to lead the Federal Reserve damped expectations for an early halt to expansionary monetary policy. Summers until yesterday was the president’s favorite to take over from Bernanke. The Syria debate worked against Summers, giving those opposed to his nomination time to keep pressure on the administration, according to a person familiar with the process who asked for anonymity.

A report due today is forecast to show manufacturing in the New York region expanded at a faster pace in September with a general economic index rising to 9 from 8.2 last month, according to the median in a Bloomberg News survey. Separate data may show industrial production grew 0.4 percent in August, according to a separate poll of economists.

Gains in the euro may be limited before European Central Bank President Mario Draghi speaks in Berlin today. Draghi said on Sept. 12 that policy makers are committed to keeping interest rates low for an extended period and the economy doesn’t justify the rise in some money-market rates.

The yen slid against the growth-sensitive currencies of Australia and New Zealand as the U.S. builds support for a plan to eliminate Syrian chemical weapons. Financial markets are closed in Japan today for a holiday.


EUR / USD: during the Asian session the pair rose to $ 1.3370

GBP / USD: during the Asian session, the pair rose to $ 1.5960

USD / JPY: during the Asian session the pair fell to Y98.80


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