Gold prices surged as dollar dipped.
Euro hits five-week high, yen up after stimulus announced
The euro rose above $1.12 for the first time in more than a month on Tuesday while a cut in Australian interest rates failed to weaken the Australian dollar as the fallout of poor GDP data continued to weigh on the U.S. currency.
The yen hit its strongest in three weeks, pushing past 102 yen per dollar for the first time since early July after Japan's cabinet approved a package of spending including 13.5 trillion yen in new fiscal measures.
The dollar has been sold steadily since surprisingly weak U.S. second-quarter growth numbers last week, and dealers said even some improvement in U.S. bond yields overnight had failed to turn that around.
Japan cabinet approves $130 billion in fiscal steps to boost growth
Japanese Prime Minister Shinzo Abe's cabinet approved 13.5 trillion yen ($132.04 billion) in fiscal measures on Tuesday as part of efforts to revive the flagging economy, with cash payouts to low-income earners and infrastructure spending.
The package includes 7.5 trillion yen in spending by the national and local governments, and earmarks 6 trillion yen from the Fiscal Investment and Loan Program, which is not included in the government's general budget.
Gold prices surged as dollar dipped.
Euro hits five-week high, yen up after stimulus announced
The euro rose above $1.12 for the first time in more than a month on Tuesday while a cut in Australian interest rates failed to weaken the Australian dollar as the fallout of poor GDP data continued to weigh on the U.S. currency.
The yen hit its strongest in three weeks, pushing past 102 yen per dollar for the first time since early July after Japan's cabinet approved a package of spending including 13.5 trillion yen in new fiscal measures.
The dollar has been sold steadily since surprisingly weak U.S. second-quarter growth numbers last week, and dealers said even some improvement in U.S. bond yields overnight had failed to turn that around.
Japan cabinet approves $130 billion in fiscal steps to boost growth
Japanese Prime Minister Shinzo Abe's cabinet approved 13.5 trillion yen ($132.04 billion) in fiscal measures on Tuesday as part of efforts to revive the flagging economy, with cash payouts to low-income earners and infrastructure spending.
The package includes 7.5 trillion yen in spending by the national and local governments, and earmarks 6 trillion yen from the Fiscal Investment and Loan Program, which is not included in the government's general budget.
Reference: Bloomberg, ReutersReference: Bloomberg, Reuters
.png)
Thai
Eng