US dol­lar ticks up ahead of Fed meet­ing

The China Post - - BUSINESS INDEX & -

The U.S. dol­lar edged up against the yen and euro Wed­nes­day ahead of the Fed­eral Re­serve wrap­ping up its latest pol­icy meet­ing, while Greece’s pre­car­i­ous debt talks were also in fo­cus.

In Tokyo, the green­back fetched 123.54 yen, ris­ing from 123.36 yen in New York, while the euro was at US$ 1.1246 and 138.96 yen against US$1.1251 and 138.79.

Few ex­pect the Fed to launch its first rate in­crease in nine years when the meet­ing wraps up later Wed­nes­day with a state­ment and press con­fer­ence by its chair Janet Yellen.

But it could sig­nal how con­fi­dent the cen­tral bank is in the U.S. econ­omy’s re­bound since a first-quar­ter con­trac­tion, and whether it is pre­pared to launch into an ex­pected se­ries of rate in­creases as early as Septem­ber.

Fears that Athens will de­fault and pos­si­bly crash out of the eu­ro­zone in­creased Tues­day when Greek Prime Min­is­ter Alexis Tsipras ac­cused cred­i­tors of try­ing to “hu­mil­i­ate” his coun­try and said the IMF bore “crim­i­nal re­spon­si­bil­ity” for aus­ter­ity mea­sures that plunged it into re­ces­sion.

The dol­lar was mixed against other Asia- Pa­cific cur­ren­cies.

It weak­ened to SG$ 1.3440 from SG$1.3463 on Tues­day, to 33.68 Thai baht from 33.69 baht, and to 1,117.15 South Korean won from 1,118.35 won.

It firmed to 64.18 In­dian ru­pees from to 64.08 ru­pees, to 45.12 Philip­pine pe­sos from 45.10 pe­sos, and to 13,363 In­done­sian ru­piah from 13,346 ru­piah.

The Aus­tralian dol­lar eased to 77.20 U.S. cents from 77.65 cents, while the Chi­nese yuan was un­changed at 19.87 yen.

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