Green­back ticks up af­ter up­beat US growth fig­ures

The China Post - - MARKETS -

The U. S. dol­lar stayed firm against the yen Fri­day af­ter up­beat U.S. growth data sug­gested the world’s top econ­omy was weath­er­ing a slow­down in main­land China, ahead of a key U.S. Fed­eral Re­serve sum­mit of cen­tral bankers.

In Tokyo af­ter­noon trad­ing, the U.S. dol­lar bought 121.02 yen, flat from New York and higher than the 119.98 yen a day ear­lier.

The euro was stronger at US$1.1257 against US$1.1239 in U.S. trade, while it rose to 136.29 yen from 136.03 yen.

The U. S. dol­lar was mixed against other Asia-Pa­cific cur­ren­cies.

It fell to SG$ 1.4027 from SG$1.4034 on Thurs­day, to 46.64 Philip­pine pe­sos from 46.70 pe­sos, and to 1,175.90 South Korean won from 1,184.44 won.

It also dropped to 14,038 In­done­sian ru­piah from 14,066 ru­piah.

But it rose to 35.85 Thai baht from 35.65 baht and to 66.08 In­dian ru­pees from 66.02 ru­pees.

The Aus­tralian dol­lar firmed to 71.68 U.S. cents from 71.13 cents, while the Chi­nese yuan fetched 18.93 yen against 18.68 yen.

Sen­ti­ment got a boost af­ter the Com­merce Depart­ment re­ported Thurs­day that the U.S. econ­omy grew at an an­nual rate of 3.7 per­cent in the sec­ond quar­ter, much higher than the 2.3 per­cent ini­tially es­ti­mated.

The strong fig­ures come amid un­cer­tainty over the timeline for a Fed in­ter­est rate hike, as mar­ket tur­moil and fears about China have dealt a blow to ex­pec­ta­tions for a rise as early as next month.

Cen­tral bankers and other top ex­perts from around the world are headed to Jack­son Hole, Wy­oming, for the an­nual Fed sym­po­sium.

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