US dol­lar rally takes breather in Asia

The China Post - - MARKET -

The Amer­i­can dol­lar eased against the yen Fri­day af­ter a three-day rally driven by up­beat U.S. eco­nomic growth and ex­pec­ta­tions of a Fed­eral Re­serve in­ter­est rate hike as early as Septem­ber. In Tokyo, the green­back bought 123.97 yen against 124.15 yen in New York, where it briefly jumped to 124.50 yen.

The euro strength­ened to US$1.0945 from US$1.0931 while it edged down to 135.69 yen from 135.70 yen in U.S. trade.

On Thurs­day, the U.S. Com­merce Depart­ment said the world’s top econ­omy ex­panded at an an­nu­al­ized rate of 2.3 per­cent in the April-June pe­riod, the strong­est since the third quar­ter of 2014.

Ear­lier Fri­day, another round of soft Ja­panese in­fla­tion data fanned talk of more mon­e­tary eas­ing by the coun­try’s cen­tral bank.

The in­ter­nal af­fairs min­istry said house­hold spend­ing fell 2.0 per­cent year-on-year in June against mar­ket ex­pec­ta­tions for an in­crease af­ter a rise of 4.8 per­cent in May.

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

It rose to 13,487 In­done­sian ru­piah from 13,470 ru­piah on Thurs­day, to 35.14 Thai baht from 35.08 baht, and to 64.03 In­dian ru­pees from 63.95 ru­pees. The green­back also went up to SG$1.3727 from SG$1.3706, and to 45.65 Philip­pine pe­sos from 45.61 pe­sos, .

But it sank to 1,168.24 South Korean won from 1,168.93 won.

The Aus­tralian dol­lar slipped to 73.01 U.S. cents from 73.11 U.S. cents, while the Chi­nese yuan fetched 19.94 yen against 19.95 yen.

Newspapers in English

Newspapers from Taiwan

© PressReader. All rights reserved.