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Oct 04 2013

According to reports, dollar dropped on its fourth day as compare to Japanese currency Yen in Amid shutdown. It is heard that US government will increase the limit sooner or later regarding this. It is also heard that Federal Reserve will reduce stimulus. Report says that the dollar dropped for a fourth day against the yen as a partial shutdown of the U.S. government delayed a key jobs report, clouding the outlook for when the Federal Reserve will reduce stimulus.

 

The U.S. currency headed for a weekly decline versus the euro as Atlanta Fed President Dennis Lockhart said the shortage of data “would tend to make me somewhat more cautious” about reducing the pace of bond purchases. Lawmakers still need to agree on raising the debt limit to avoid a default after Oct. 17. Australia’s dollar increased against all its major peers amid bets the central bank will act from cutting interest rates this year as the economy intensifies. The pound weakened.

 

Chris Walker, a foreign-exchange strategist at Barclays Plc in London said, “If you look at most cases of a shutdown since the 1970s, you can have the dollar under performing versus developed-market currencies, so you have the traditional safe havens like the yen and Swiss, but also wider developed markets. In terms of direct economic impact, the debt ceiling is by far the most important indicator.”

Rate Range Projection by Bank

 Next  week           96.00 -  98.50

Next 3 months      90.00 - 105.00

 

Next week rate range will be stable superior to the labor related data announcements.

 



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