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Business

REUTERS
January 13, 2018

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Dollar under pressure

Dollar under pressure

TOKYO: The dollar slumped against rivals on Friday on the back of weak factory inflation data, while the euro enjoyed solid support after the European Central Bank hinted that it could be gearing up to trim its massive monetary stimulus.

The dollar index, which tracks the greenback against a basket of six major rival currencies, edged down slightly to 91.814. A move below the Jan. 2 low of 91.751 would put it at its weakest since Sept. 20.The index was on track to shed 0.2 percent for the week, pressured by data on Thursday that showed U.S. producer prices fell for the first time in nearly 1-1/2 years in December, which could temper expectations that inflation will accelerate in 2018.Against the yen, the dollar was almost flat on the day at 111.27, after plumbing a six-week low of 111.05 yen on Thursday.

It was still down a steep 1.6 percent for the week in which the Japanese currency soared as a routine operational reduction in bond purchases by the Bank of Japan triggered speculation that the central bank would unwind its massive stimulus.

"Yen short positions had been building, and investors seem to be looking for opportunities to trim them," said Yutaka Miura, a senior technical analyst at Mizuho Securities.

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