US dollar edges up in Asian trade

The China Post - - BUSINESS INDEX & -

The U. S. dollar edged up against other ma­jor cur­ren­cies on Mon­day af­ter weaker than ex­pected Chi­nese trade data, sup­ported by in­vestor ex­pec­ta­tions of U.S. in­ter­est rate in­creases.

The green­back was at 120.44 yen in Tokyo com­pared with 120.30 yen in New York late Fri­day.

The euro bought US$1.0593 and 127.47 yen against US$1.0599 and 127.50 yen.

A re­port last week showed fewer Amer­i­cans ap­plied for first­time un­em­ploy­ment benefits over the past few weeks than at any time in al­most 15 years, help­ing to al­lay con­cern about the strength of the U.S. econ­omy.

Such con­cerns had grown af­ter a closely watched pay­rolls re­port at the start of the month showed the econ­omy added the fewest jobs in March since the end of 2013.

“Data last week showed that the weak pay­rolls num­ber was more of an aber­ra­tion,” said Sim Moh Siong, a for­eign-ex­change strate­gist at Bank of Sin­ga­pore.

A broadly healthy se­ries of U.S. data over the past year has fed ex­pec­ta­tions the Fed­eral Re­serve will raise in­ter­est rates by the end of the year, with the main dif­fer­ences over whether it will be sooner rather than later.

For fresh trad­ing pegs, in­vestors are await­ing eco­nomic data and fi­nan­cial gath­er­ings later in the week.

Up­com­ing data in­cludes China’s first-quar­ter growth due out on Wed­nes­day. Of­fi­cial data Mon­day showed its ex­ports suf­fered an un­ex­pected 14.6-per­cent fall yearon-year in March, a fur­ther sign of weak­ness in the world’s sec­ond largest econ­omy.

The Euro­pean Cen­tral Bank will hold a pol­icy meet­ing Wed­nes­day, which will be fol­lowed by a news con­fer­ence by its head Mario Draghi, while G-20 fi­nance min­is­ters and cen­tral bank chiefs gather in Wash­ing­ton on Thurs­day and Fri­day.

The dollar was mostly higher against other Asia-Pa­cific cur­ren­cies.

The Aus­tralian dollar fell to 75.86 U.S. cents from 77.02 cents on Fri­day af­ter China, its largest trad­ing part­ner, re­ported a big­ger than fore­cast decline in im­ports.

The dollar rose to SG$1.3694 from SG$ 1.3593, to 1,098.75 South Korean won from 1,093.40 won, and to 44.62 Philip­pine pe­sos from 44.49 pe­sos.

The green­back also rose to 12,984.50 In­done­sian ru­piah from 12,913.00 ru­piah and to 32.60 Thai baht from 32.53 baht while buy­ing 62.40 In­dian ru­pees against 62.41 ru­pees. The Chi­nese yuan inched down to 19.38 yen from 19.41 yen.

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