Green­back takes a hit on global growth jit­ters

The China Post - - MARKETS -

The U.S. dol­lar was un­der pres­sure against the yen and euro on Fri­day as con­fi­dence in the global econ­omy headed south and hopes for a Septem­ber U.S. in­ter­est rate hike faded.

The green­back slipped to 123.02 yen, down from 123.38 yen in New York and well down from rates above the 124 yen level seen ear­lier Thurs­day in Tokyo.

The euro also ben­e­fited from mar­ket jit­ters, with the 19-na­tion unit quoted at US$1.1279 and 138.74 yen, up from US$1.1241 and US$138.69 U.S. trad­ing.

Mar­ket sen­ti­ment has dived as con­cerns about the global econ­omy soared mak­ing the yen, seen as a safe-haven in times of un­cer­tainty or tur­moil, more at­trac­tive.

The U.S. Fed­eral Re­serve cited China as a red flag for global growth in min­utes of its last meet­ing, which low­ered ex­pec­ta­tions the cen­tral bank could lift rates as early as next month. A rate rise would be a plus for the U.S. dol­lar.

In other trad­ing, the U.S. dol­lar was mostly higher against other Asia- Pa­cific cur­ren­cies, which have taken a beat­ing since the yuan de­val­u­a­tion.

It strength­ened to 46.79 Philip­pine pe­sos from 46.34 pe­sos on Thurs­day, to 1,194.82 South Korean won from 1,185.17 won, and to 13,936 In­done­sian ru­piah from 13,845 ru­piah.

The U.S. dol­lar also rose

to SG$ 1.4087 from SG$ 1.4026, and to 65.82 In­dian ru­pees from 65.19 ru­pees.

The Thai baht weak­ened to a fresh six-year low of 35.70 against the U.S. dol­lar from 35.54 a day be­fore, as the deadly bomb­ing in Bangkok threat­ens Thai­land’s cru­cial tourism in­dus­try.

The Aus­tralian dol­lar slipped to 73.05 U.S. cents from 73.45 cents, while the Chi­nese yuan fetched 19.19 yen against 19.36 yen.

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