Investing.com – The U.S. dollar was down against the yen on Thursday, falling to a daily low, as expectations grew that the European Central Bank would implement measures to ease fears over euro zone sovereign debt contagion.
USD/JPY hit 83.98 during European morning trade, the daily low; the pair subsequently consolidated at 84.02, shedding 0.21%.
The pair was likely to find support at 83.37, Wednesday’s low and resistance at 84.39, the high of November 29.
As the debt crisis in the euro zone threatened to spill over into Spain, expectations mounted that the ECB would announce an expansion of its bond-buying program or delay the withdrawal of unlimited liquidity support for banks, after its policy meeting on Thursday.
Meanwhile, earlier in the day, official data showed that Japanese capital spending rose 4.8% in the second quarter, increasing for the first time in over three years.
The yen was also up against the euro, with EUR/JPY slipping 0.09% to hit 110.51.
Later in the day, the ECB was to announce its benchmark interest rate. The announcement was to be followed by a press conference. Also Thursday, the U.S. was to publish key weekly data on initial jobless claims as well as a report on pending home sales.
USD/JPY hit 83.98 during European morning trade, the daily low; the pair subsequently consolidated at 84.02, shedding 0.21%.
The pair was likely to find support at 83.37, Wednesday’s low and resistance at 84.39, the high of November 29.
As the debt crisis in the euro zone threatened to spill over into Spain, expectations mounted that the ECB would announce an expansion of its bond-buying program or delay the withdrawal of unlimited liquidity support for banks, after its policy meeting on Thursday.
Meanwhile, earlier in the day, official data showed that Japanese capital spending rose 4.8% in the second quarter, increasing for the first time in over three years.
The yen was also up against the euro, with EUR/JPY slipping 0.09% to hit 110.51.
Later in the day, the ECB was to announce its benchmark interest rate. The announcement was to be followed by a press conference. Also Thursday, the U.S. was to publish key weekly data on initial jobless claims as well as a report on pending home sales.