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Thursday November 13, 2014 - 01:25:01 GMT
Reuters - www.reuters.com

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FOREX-Dollar cools rally ahead of data, pound stuck at 14-mth lows

7:48pm EST

* Dollar consolidates vs yen, euro as markets await data

* Sterling stuck at 14-month lows following dovish BOE

* Swiss franc stays bullish vs euro, remains near SNB's 1.20 cap

By Shinichi Saoshiro

TOKYO, Nov 13 (Reuters) - The dollar took time out from its rally against the yen and euro early on Thursday as traders awaited a batch of Chinese and U.S. data, while the British pound languished at 14-month lows versus its U.S. peer after dovish messages from the Bank of England.

The dollar was little changed at 115.58 yen after its advance to a seven-year peak of 116.11 was checked the previous day. The yen stabilised somewhat after Japan's top government spokesman Yoshihide Suga cooled speculation that Prime Minister Shinzo Abe will hold a snap election in December.

The election talk had raised hopes that Abe will use a victory to implement a second round of reflationary policies and possibly delay a planned sales tax hike, sending Tokyo's Nikkei share average to seven-year highs and weighing on the yen in turn.

The Nikkei was down 0.15 percent in early trade.

"The yen is following the Nikkei closely and Suga's comments are making their impact felt. As another a measure of risk sentiment, upcoming Chinese data and their effect on equity markets will be in focus," said Shinichiro Kadota, chief Japan FX strategist at Barclays in Tokyo.

Chinese retail sales and industrial output figures will be released at 0530 GMT.

The Australian dollar, sensitive to the economic fortunes of China, was steady at $0.8712 after touching a one-week high of $0.8745 the previous day.

Other economic indicators that could influence currency markets include U.S jobless claims later in the session and U.S. retail sales data on Friday.

The numbers may reinforce the brightening U.S. economic prospects vis a vis Europe and Japan, a key factor that has helped the dollar charge higher against the euro and yen.

The euro was flat at $1.2433, confined to a narrow range and managing to stay clear of a two-year low of $1.2358 hit last week.

Sterling was stuck near a 14-month low of $1.5760 after shedding nearly 0.9 percent overnight after dovish comments from Britain's central bank.

The BOE said Wednesday that inflation was likely to fall below 1 percent and monetary tightening would happen at a slower pace. Governor Mark Carney said it was appropriate that markets expected somewhat easier monetary conditions.

The Swiss franc hovered near a 26-month high of 1.2017 against the euro. A breach of the Swiss National Bank's cap of 1.20 francs per euro may prompt the central bank to intervene and weaken its currency. (Editing by Shri Navaratnam)

Thomson Reuters 2014. All rights reserved.


 

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