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21 Feb 2014
Flash: USD stronger post US data - BTMU
FXStreet (Barcelona) - Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ, observed the recent data supported the USD.
Key Quotes
"The US dollar has continued to strengthen modestly in the Asian trading session with USD/JPY rising back above 102.50. The US dollar has derived support from the release yesterday of the stronger than expected US PMI manufacturing survey which revealed that business confidence unexpectedly increased by 3.0 points to 56.7 reaching its highest level since May 2010."
"The sub-components were also strong with new orders increasing by 4.9 points 58.8 and employment more modestly by 0.8 point to 54.0. The report contrasts with the recent overall weakening of US economic data amidst the harsh winter weather conditions, and provides some encouragement to investors that the recent slowdown will likely prove only temporary."
"The release yesterday also of the Philly Fed survey was more clearly impacted by the bad weather falling sharply by 15.7 points to -6.3 in February. The market shrugged off the negative Philly Fed survey highlighting that investors are becoming more willing to give the US economy the benefit of the doubt by viewing the recent weakness as mainly weather related."
Key Quotes
"The US dollar has continued to strengthen modestly in the Asian trading session with USD/JPY rising back above 102.50. The US dollar has derived support from the release yesterday of the stronger than expected US PMI manufacturing survey which revealed that business confidence unexpectedly increased by 3.0 points to 56.7 reaching its highest level since May 2010."
"The sub-components were also strong with new orders increasing by 4.9 points 58.8 and employment more modestly by 0.8 point to 54.0. The report contrasts with the recent overall weakening of US economic data amidst the harsh winter weather conditions, and provides some encouragement to investors that the recent slowdown will likely prove only temporary."
"The release yesterday also of the Philly Fed survey was more clearly impacted by the bad weather falling sharply by 15.7 points to -6.3 in February. The market shrugged off the negative Philly Fed survey highlighting that investors are becoming more willing to give the US economy the benefit of the doubt by viewing the recent weakness as mainly weather related."