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TheDollar, yen edge higher dollar edged higher on the euro on Tuesday while the yen gained on both as markets continued to settle after last week’s big Federal Reserve-sparked movements.

NEW YORK: The dollar edged higher on the euro on Tuesday while the yen gained on both as markets continued to settle after last week’s big Federal Reserve-sparked movements.

Data on the US economy was largely positive, though Congress and the White House continued to battle over a budget bill that, if not completed by the end of the month, could force a government shutdown at the start of October.

At 2100 GMT the euro was trading at $1.3469, compared with $1.3491 late Monday.

The dollar slipped to 98.74 yen from 98.84 yen, and the euro dropped to 133.00 yen from 133.35.

Currency and rate directions were unclear amid a lull in major data releases.

The euro found good news in the small but still fifth monthly gain in the IFO German business confidence index. Meanwhile in the United States, home prices rose again in July but at a slowing pace, while the Conference Board’s consumer confidence index for September fell slightly.

“Consumer confidence decreased in September as concerns about the short-term outlook for both jobs and earnings resurfaced, while expectations for future business conditions were little changed,” said Lynn Franco, the Conference Board’s director of economic indicators.

“This morning’s US economic reports validate the Federal Reserve’s decision to wait to taper,” said Kathy Lien of BK Asset Management.

The British pound slipped against the dollar, to $1.6001 from $1.6043.

The dollar rose to 0.9128 Swiss franc from 0.9108.

Source AFP

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