News Column

Dollar falls below 102 yen line after weak U.S. retail data

February 13, 2014



TOKYO, Feb. 14 -- (Kyodo) _ The U.S. dollar fell below the 102 yen line Friday morning in Tokyo, pressured by weaker-than-expected U.S. retail sales data released overnight.

At noon, the dollar fetched 101.97-98 yen compared with 102.11-21 yen in New York and 102.11-12 yen in Tokyo at 5 p.m. Thursday.

The euro was quoted at $1.3679-3679 and 139.47-49 yen against $1.3675-3685 and 139.73-83 yen in New York and $1.3622-3623 and 139.10-14 yen in Tokyo late Thursday afternoon.

The dollar remained directionless in a narrow range mostly above the 102 yen line in subdued trading due to a lack of major market-moving events in Tokyo, dealers said.

U.S. retail sales in January dropped 0.4 percent from the previous month, the U.S. Commerce Department said Thursday, suggesting a possibility of slowing economic growth in the world's largest economy.

While the U.S. stock markets saw the data as having been affected by the record cold weather hitting the country, the foreign exchange market read it as an indication of weakness, said Daisuke Uno, chief strategist of the Treasury Marketing Department at Sumitomo Mitsui Banking Corp.

In the morning, China'sNational Bureau of Statistics said its consumer price index rose 2.5 percent from a year earlier, against the market consensus view of 2.4 percent, while its producer price index fell 1.6 percent, the same as the market consensus.

But the news had a limited impact on the dollar-yen exchange rate, Uno added.


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Source: Japan Economic Newswire


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