USD/JPY Extends Gains

The dollar was driven higher against the yen on a significant beat in December consumer confidence and the Richmond Fed index, but continues to find strong resistance at the 200-hour moving average at 117.54. USD/JPY was 0.35% stronger at 117.54

Consumer confidence jumped to a 15-year high of 113.7 from 109.4 in November, while the Richmond Fed manufacturing index doubled to 8.0 from 4.0 previously, both of which were considerably better than expectations.

The other dollar pairs are still on the plus side, but have not gotten much mileage from dollar-friendly economic data. As a result, the dollar index is unchanged from Friday’s close.

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