The greenback also gained against the euro, which was held back by S&P’s decision to cut the European Union’s supranational long-term rating to AA-plus from AAA, citing rising tensions on budget negotiations. The dollar, which looks set to be backed by relatively higher interest rates next year if the Federal Reserve gradually calls a halt to bond-buying, rose to 104.60 yen on the EBS trading platform, its highest since October 2008, and was recently at 104.45 yen, up 0.2 percent. In contrast to the Fed, the Bank of Japan reaffirmed overnight it would keep monetary policy loose and dollar bulls are now targeting a level around 105.25 yen, a 61.8 percent retracement of the dollar’s fall from its 2007 high of 124.14 yen to its 2011 low of 75.31 yen. “This is mainly dollar strength,” said Ulrich Leuchtmann, head of currency research at Commerzbank in Frankfurt.
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Forex: AUD/USD little-changed after significant upward revision of US Q3 GDP
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2013 Scandals: Forex Scandal Raises Question of Chat Room Regulation
A separate report showed that the U.K. gross domestic product expanded by 0.8% in the third quarter, in line with previous estimates. Official data also showed that public sector net borrowing in the U.K. rose by GBP14.8 billion in November, exceeding expectations for a GBP13.4 billion rise, after a downwardly revised GBP7.4 billion increase in October. Meanwhile, the dollar remained supported after the Fed announced Wednesday that it would reduce its USD85 billion-a-month double S&P 500 downside etf bond buying program by USD10 billion in January.
Forex – GBP/USD edges lower after mixed U.K. data
Reports of a foreign-exchange cartel surfaced in June, stating that a handful of large forex traders were colluding to manipulate benchmark rates. The traders were employed by competing investment banks. Through the use of instant messaging in online chat rooms, they were allegedly able to coordinate trading strategies, the reports said. The scandal rocked the investment community that had dealt with news involving the rigging of the London Interbank Offered Rate months earlier.