Green­back strug­gles as Fed min­utes dampen hopes

The China Post - - BUSINESS INDEX & -

The U.S. dol­lar was un­der pres­sure against the yen and euro in Asia Thurs­day af­ter sur­pris­ingly bear­ish min­utes from the U.S. Fed­eral Re­serve’s last meet­ing damp­ened hopes for an im­mi­nent in­ter­est rate hike.

In Tokyo, the U. S. dol­lar bought 124.04 yen, up from 123.89 yen in New York, but well down from 124.32 yen in Asian trad­ing on Wed­nes­day be­fore the min­utes’ re­lease.

The euro t i cked up to US$1.1124 and 137.98 yen, from US$1.1121 and 137.78 yen in U.S. trade, win­ning sup­port from news that Euro­pean fi­nance min­is­ters for­mally ap­proved Greece’s 86 bil­lion euro bailout.

The long-de­bated bailout ac­cord goes far be­yond eco­nomic man­age­ment to in­clude an ex­ten­sive over­haul of Greece’s health and so­cial wel­fare sys­tems, plus its busi­ness prac­tices and public ad­min­is­tra­tion.

The against ren­cies.

It strength­ened to 46.34 Philip­pine pe­sos from 46.27 pe­sos on Wed­nes­day, to 1,185.17 South Korean won f r om 1,183.54 won, and to 13,845 In­done­sian ru­piah from 13,838 ru­piah.

The green­back slipped to SG$ 1.4026 from SG$ 1.4035, and to 65.19 In­dian ru­pees from 65.24 ru­pees. U.S. dol­lar was mixed other Asia-Pa­cific cur-

The Thai baht was stronger at 35.54 against the dol­lar from 35.62 a day ear­lier. The cur­rency slumped on Tues­day to a fresh six-year low of 35.64 in the wake of Bangkok’s deadly bomb­ing, which threat­ened to dam­age Thai­land’s cru­cial tourism in­dus­try.

The Aus­tralian dol­lar edged up to 73.45 U. S. cents from 73.33 U.S. cents, while the Chi­nese yuan fetched 19.36 yen from 19.41 yen.

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