Sept 21, 2011
The dollar fell close to a record low against the yen on Wednesday before a Federal Reserve policy decision and looked unlikely to pare those losses while investors wait to see how the central bank might try to revive the flagging economy.
The yen’s broad rise triggered concerns about fresh intervention from Japanese authorities and kept many investors from pushing it much higher.
The dollar was last down 0.1 percent on the day at 76.32 yen, having fallen as low as 76.11 yen on trading platform EBS, not far from its record trough of 75.94 yen hit in August. There was talk of large dollar bids between 76.20 yen to 76.00 yen, while downside stop-loss orders were cited at 75.90 yen, just under the dollar’s record low.
Analysts said the greenback was unlikely to regain much ground against the yen before the end of the two-day Fed meeting later on Wednesday in which it is widely expected that U.S. central bank will strike a dovish stance.
This article was posted: Wednesday, September 21, 2011 at 5:34 am