Dollar is steady in Asia de­spite weak US GDP statis­tics

The China Post - - MARKETS -

The U. S. dollar was steady Mon­day de­spite a first-quar­ter con­trac­tion in the U.S. econ­omy as in­vestors look for clues to a pickup that would jus­tify an in­ter­est rate rise this year.

In Tokyo af­ter­noon trad­ing, the green­back bought 124.08 yen, slightly down from 124.12 yen in New York on Fri­day, and also off the 12-year high of 124.46 yen touched last week.

In­vestors are now wait­ing for U.S. jobs data for a clue about the state of the world’s top econ­omy, af­ter re­vised data Fri­day showed it con­tracted 0.7 per­cent in the first three months of the year.

“Traders will look at this week’s data with a lit­tle bit of cau­tion, but the main thing is, if the euro is los­ing ground, nat­u­rally you find the U.S. dollar tends to ben­e­fit from that,” Stan Shamu, a mar­kets strate­gist IG Ltd., told Bloomberg News.

“Traders will prob­a­bly stay long head­ing into pay­rolls data.”

The euro weak­ened to US$1.0960 and 135.94 yen, from US$1.0991 and 136.42 yen in New York, as Greece’s bailout talks drag on with the cash- strapped coun­try fac­ing a debt re­pay­ment dead­line on June 5.

Time is run­ning out for Greece to reach a deal with its in­ter­na­tional cred­i­tors to un­lock 7.2. bil­lion eu­ros in bailout cash. There are fears that if it de­faults the coun­try could end up leav­ing the eu­ro­zone.

Athens’ debt cri­sis dom­i­nated a three-day meet­ing of Group of Seven fi­nance min­is­ters in Ger­many, where Greece and its Euro­pean part­ners came un­der pres­sure to end a cri­sis that has rat­tled the global econ­omy.

The U. S. dollar was mixed against other Asia-Pa­cific cur­ren­cies.

It weak­ened to 63.63 In­dian ru­pees from 63.75 ru­pees, to 13,208.00 In­done­sian ru­piah from 13,216.00 ru­piah, to 33.66 Thai baht from 33.69 baht, and to 44.53 Philip­pine pe­sos from 44.56 pe­sos.

The green­back r ose to 1,109.14 South Korean won from 1,107.05 won, to SG$1.3494 from SG$1.3468.

The Aus­tralian dollar slipped to 76.60 U.S. cents from 76.69 cents while the Chi­nese yuan bought 20.01 yen, against 19.94 yen.

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