By: Barbara Zigah
With investors waiting for the release of retail sales figures from the United States, the greenback was mixed in Tokyo trading today. As reported at 3:30 p.m. (JST) in Tokyo, versus the Japanese Yen, the U.S. Dollar gained .2% from Monday’s late trading in the U.S. to trade at 91.12 Yen; earlier in the day, however, it had touched on a high trade of 91.23 Yen and yesterday, hit 90.18 Yen, pulling off of a 7-month low on the EBS trading platform. Versus the Pound Sterling, the U.S. Dollar slipped to $1.6639, a decline of .3%, following news that housing prices in parts of the United Kingdom had increased; over the past two years, housing prices in Wales and England had been falling steadily.
Analysts believe that forthcoming economic data from the United States will provide evidence that the U.S. economy is rebounding strongly. According to one market economist in Japan, however, the strength of that data may only be temporary. The global markets are more concerned to see the September numbers for American consumer spending and U.S. car sales as a determinant as to whether or not the growth of the U.S. economy can be sustained once the stimulus measures are withdrawn by the Federal Reserve. Addressing the issue of the American economy, Ben Bernanke, the Federal Reserve Chairman, will be holding a press conference today at 2:00 p.m. GMT.