The dollar continued its meteoric rise against the Japanese yen on Thursday, climbing to four-and-a-half month high after the Bank of Japan hinted at extending its ultra loose monetary policy in the coming months.
During the U.S. session, USD/JPY climbed 1.02% to 101.06, the highest level since July.
The dollars impressive performance against the yen came despite mixed data out of the U.S.
This mornings Department of Labor report showed that the number of people filing for initial jobless benefits fell by 21,000 last week, to a seasonally adjusted 323,000, beating expectations for a decline of 9,000.
The upbeat jobs data offset data from the Federal Reserve Bank of Philadelphia which showed that its manufacturing index fell to 6.5 in November, from 19.8 in October. Economists had expected the index to decline to 15.0.
A separate report showed that U.S. producer price inflation declined 0.2% in October, in line with expectations.
Elsewhere, EUR/USD recovered some of yesterday’s losses, climbing 0.13% to 1.3458, after European Central Bank President Mario Draghi downplayed speculation over negative deposit rates in the eurozone, during a speech in Germany.
While, official data showed that business activity in the eurozone slowed again in November raising worries of softening growth as the bloc struggles out of recession. Markit Economics said its Eurozone Composite Purchasing Managers Index (PMI) for November – published on Thursday – fell to a three-month low of 51.5 points from 51.9 points in October.
In the U.K. the pound recovered yesterdays losses against the dollar, breaking through the key resistance level 1.6150, after data showed that public sector net borrowing (PSNB), excluding distortions such as bank bail-outs, fell to £8.08bn in October, from £10.3bn in September. GBP/USD closed the session up 0.33% at 1.6158.
Elsewhere, the Australian dollar came under heavy selling pressure after Reserve Bank of Australia Governor Glenn Stevens said the bank believed that intervening in the currency market to lower the currency’s value could be effective in the right circumstances.
The news came after yesterdays report from the IMF which said the Aussie could be overvalued by as much as 10%. AUD/USD slumped 1.22% to 0.9221 during the session.
The greenback was also broadly stronger against the New Zealand and Canadian dollars, with, NZD/USD losing 0.94% to trade at 0.8194 and USD/CAD rising 0.73% to 1.0524. Largely on the back of soft Chinese data.
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