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Friday July 30, 2010 - 11:50:13 GMT
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FOREX NEWS - Dollar under pressure vs yen before U.S. GDP

7:37am EDT

* Dollar hits 8-month low of 86.15 yen on EBS

* Traders look to U.S. Q2 GDP growth to slow

* Euro/yen hit on bond redemption flows

(Adds quote, updates prices)

By Tamawa Desai

LONDON, July 30 (Reuters) - The dollar hit multi-month lows against the yen and Swiss franc on Friday on concerns U.S. economic growth data would reinforce signs the world's largest economy is slowing and on a Fed policymaker's dovish comments.

Dollar bears were looking to U.S. second-quarter GDP due at 1230 GMT as a further opportunity to sell the currency, with growth forecast to slow to an annual 2.5 percent in the three months to June from 2.7 percent in the first quarter. [ECI/US] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

For a graphic on prospects of a double-dip recession, click

here ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

They also seized on a comment by the normally hawkish St. Louis Federal Reserve Bank President James Bullard, a voting member on the Fed's rate-setting committee this year, who said the Fed should buy more Treasuries if the economy worsened. [ID:nN29267085]

By 1002 GMT, the dollar was down 0.5 percent at 86.31 yen JPY=, after hitting an eight-month low of 86.15 yen on trading platform EBS. Stop-loss sales were triggered at a previous low of 86.25 yen, traders said, adding bids were layered into option barriers at 86.00.

"We're in a small window where U.S. economic data is underperforming and keeping pressure on the dollar," said Lee Hardman, currency economist at Bank of Tokyo-Mitsubishi UFJ.

"Concerns about the U.S. economy and Fed easing will also put U.S. yields on the downside, which is a key driver for dollar/yen," he said.

The yen took in its stride comments by Japanese Finance Minister Yoshihiko Noda who said he was closely watching the market. Deputy Finance Minister Motohisa Ikeda said he was worried about the impact of a rising yen on Japan's exports. [ID:nTFD006497] [ID:nTFD006498]

Market players have said they do not seriously expect Japanese authorities to intervene to stem the yen's rise until it goes beyond 15-year highs of 84.82 yen to the dollar.

The dollar also fell to a six-month low against the Swiss franc of 1.0364 francs CHF=. That also prompted the Swiss currency to rise against the euro EURCHF=.

The dollar index .DXY was up slightly at 81.826 after touching a three-month low of 81.483.

Traders anticipated month-end selling of dollars to emerge for the 1500 GMT fix, stemming from rebalancing flows after a strong performance in world stocks in July, as measured by MSCI .MIWD00000PUS.


The euro fell 1 percent versus the yen EURJPY=R to 112.40 yen and 0.5 percent versus the dollar to $1.3011 EUR=. Traders said the euro's fall against the yen was related to redemption flows from Spanish bonds [ID:nLDE66M1PR].

The euro's recovery to an 11-week high versus the dollar earlier in the week had been partly driven by rising euro zone money market rates, which fell on Friday [ID:nEAP000492].

"We've seen Euribor 3-month rates drop for the first time in a long time today and which is adding pressure on the euro," said Hans-Guenter Redeker, chief fx strategist at BNP Paribas.

Technical analysts at Commerzbank said euro/dollar had practically reached an interim target of $1.3120/50 and this would allow for some profit-taking.

(Additional reporting by Neal Armstrong)

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