Dollar plunges from four-year peak vs yen after U.S. data
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The dollar plummeted from a four-year peak against the yen on Friday after dismal data on U.S. retail sales last month reinforced expectations the Federal Reserve will continue buying bonds to support the U.S. economy.
The yen's bounce, however, should prove to be temporary given the Bank of Japan's aggressive monetary easing to fight decades-long deflation. Most market experts contend it's only a matter of time before the dollar rises above the 100-yen mark, a key psychological and technical level.
The dollar succumbed to selling pressure after data showed U.S. retail sales fell 0.4 percent in March, contracting for the second time in three months in a sign the American economy may have stumbled at the end of the first quarter.
It is the latest in a growing list of economic numbers that will likely keep the dollar pressured and the Fed in no hurry to
normalize policy," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange.
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