US dol­lar rises be­fore jobs data; hopes of in­ter­est rate hikes

The China Post - - BUSINESS INDEX & -

The U.S. dol­lar rose Fri­day as traders fo­cused on key U.S. jobs data later in the day, with an up­beat re­port likely to boost hopes for a Septem­ber in­ter­est rate hike.

In Tokyo, the green­back ticked up to 124.79 yen from 124.73 yen in New York.

The euro edged down to US$1.0917 and 136.22 yen from US$1.0923 and 136.25 yen.

In­vestors are eye­ing of­fi­cial U.S. pay­roll fig­ures later Fri­day for the latest clues about the tim­ing of an in­ter­est rate hike, widely ex­pected by Septem­ber or De­cem­ber.

Af­ter a two-day meet­ing, the Bank of Ja­pan Fri­day held off fresh eas­ing mea­sures, say­ing the world’s num­ber three econ­omy was steadily re­cov­er­ing, but an­a­lysts widely ex­pect pol­i­cy­mak­ers to act later in the year.

The Bri­tish pound, which fell in New York on the Bank of Eng­land’s (BOE) mon­e­tary pol­icy de­ci­sion to keep in­ter­est rates low, was steady in Asian trad­ing. It fetched US$1.5516 in Tokyo against US$1.5513 in U.S. trade.

The BOE, as ex­pected, kept its main in­ter­est rate at a record-low 0.50 per­cent. The cen­tral bank raised its forecast for UK eco­nomic growth this year to 2.8 per­cent from a pre­vi­ous es­ti­mate of 2.5 per­cent.

How­ever, it also said the neart­erm out­look for in­fla­tion is “muted,” ac­cord­ing to BOE min­utes.

The Amer­i­can dol­lar mostly strength­ened against other Asi­aPa­cific cur­ren­cies.

It rose to SG$ 1.3863 from SG$1.3843 on Thurs­day, to 63.83 In­dian ru­pees from 63.77 ru­pees.

The green­back also inched up to 13,548.00 In­done­sian ru­piah from 13,524.50 ru­piah, and to 45.80 Philip­pine pe­sos from 45.78 pe­sos.

It edged down to 1,167.83 South Korean won from 1,169.30 won and to 35.17 Thai baht from 35.18 baht.

The Aus­tralian dol­lar firmed to 73.65 U.S. cents from 73.32 U.S. cents, while the Chi­nese yuan fetched 20.10 yen against 20.09 yen.

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