Greenback ticks up after upbeat US growth figures
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.