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Monday, 14 Feb 2011
FOREX: USD/JPY Down after Round of Aggressive Selling
The U.S. dollar fell against the yen Monday in Asia as the greenback's ascent Friday to a 1-month high lured aggressive selling by Japanese exporters keen to settle accounts.
Still, not many Tokyo dealers believe the U.S. currency will keep falling. They expect bargain-hunting to soon kick in as many speculators have a long-term bullish view toward the world's largest economy.
Investors will pay attention to U.S. economic data due this week, such as Tuesday's retail sales. If the data turn out better than expected, the dollar should gain further support, dealers have said.
