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The dollar rose against the yen, ending a three-day drop, as signs of U.S. economic growth backed the case for the Federal Reserve to pare stimulus.
The Bloomberg Dollar Spot Index gained for a sixth day before the Federal Open Market Committee meets Jan. 28-29. The Fed will reduce purchases of government and mortgage debt by $10 billion at each policy meeting to end its asset-buying program this year, according to the median forecast of economists in a Bloomberg poll.
The euro halted a four-day slide versus the yen before data forecast to show the outlook for business confidence in Germany, Europe’s largest economy, climbed to the highest level in almost eight years. In Germany, an index of investor and analyst expectations jumped to 64 in January from 62 in December, the ZEW Center for European Economic Research in Mannheim will probably say today, according to the median estimate of economists surveyed by Bloomberg. That would be the highest since February 2006.
New Zealand’s dollar remained stronger after the nation’s inflation accelerated more than economists forecast, supporting the view that the Reserve Bank will tighten policy. New Zealand’s consumer prices in the fourth quarter rose 1.6 percent, the fastest annual pace since early 2012, from the year-earlier period. Economists expected annual inflation of 1.5 percent, according to the median forecast in a Bloomberg survey. The Reserve Bank of New Zealand next meets on Jan. 30.
EUR / USD: during the Asian session, the pair traded in the range of $ 1.3535-60
GBP / USD: during the Asian session, the pair traded in the range of $ 1.6410-35
USD / JPY: during the Asian session, the pair rose to Y104.70
Today's German and eurozone ZEW Economic Sentiment data are key event risks for the euro and could inject some volatility. CBI trends data at 1100GMT provides the domestic interest today, though most expect continued range trading until the US markets return from their long weekend.
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