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Oct 18 2013

The greenback lost the most in a month versus the euro as Fed Bank of Dallas President Richard Fisher said fiscal discord has sabotaged the case for slowing the central bank’s bond purchases, which tend to debase the dollar. “In the next few months, there’s a lot of opportunity and chances for currencies and risk assets to rally across the board against the dollar.” The dollar fell to an eight-month low against a basket of 10 major currencies on bets disruption from the U.S. debt-ceiling debate will damp growth and prompt the Federal Reserve to postpone tapering its stimulus program. The pound climbed after U.K. retail sales rose more than forecast. Richard Franulovich, the chief currency strategist for the northern hemisphere at Westpac Banking Corp. (WBC) in New York, said in a phone interview. “Tapering is looking less and less likely”. A 16-day government shutdown ended after Congress sanctioned a deal yesterday extending funding and debt-limit deadlines into the next year.

 

Rate Range Projection by Bank

Next  week           96.00 -  99.00

Next 3 months      90.00 – 105.00

 

Federal Reserve is about to postpone tapering its stimulus program so that JPY has been becoming stronger against USD. But it will be enforced later on till then the rate will be stay at the present and current level for months.

 



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