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The dollar touched its topmost advance in four weeks versus a basket of its counterparts before data estimate to display U.S. consumer spending bolster for a third month, building the case for the Federal Reserve to trim down stimulus next month.
The greenback headed for a third weekly surge after the U.S. economy last quarter grew faster than analysts prediction. Japan’s currency held its largest slide in a week after a report showed the nation’s consumer prices boosted at the fastest pace since 2008, lessening the need for more stimulus near-term.
Consumer Spending
Purchases of goods and services in the U.S. probably increased 0.3 percent last month after a 0.5 percent advance in June, according to the median forecast in a Bloomberg News survey of economists before today’s Commerce Department figures.
Yen Uptrends
The yen advance amid speculation Japanese exporters were purchasing the currency as they bring home overseas income at the end of the month.
“The yen is stronger on month-end flows, not any news,” said Yuji Saito, the director of foreign-exchange at Credit Agricole Corporate & Investment Bank in Tokyo. “Any gains will be limited by option-related selling beyond 98 per dollar.”
Turkey’s lira headed for its biggest gain on a closing basis in three weeks. The U.K. parliament yesterday rejected Prime Minister David Cameron’s motion seeking endorsement for military strikes against Syria. Cameron had sought approval to join the U.S. in holding the Syrian government accountable for alleged chemical-weapon attacks against its own civilians.
“The Syrian situation appeared to be on hold,” Imre Speizer, a market strategist in Auckland at Westpac Banking Corp. (WBC), wrote in a note to clients today. “Battered emerging markets partly recovered.”
The lira powered up 0.4 percent to 2.0275 per dollar from yesterday, when it bolstered 0.1 percent. It has plunged down 4.6 percent this month.
