Thursday, November 1, 2012

Dollar, euro gain in Asian trade after China data






Closings for Tokyo, Seoul and Sydney stock markets Thursday, November 1, 2012. AFP



TOKYO — The dollar and euro climbed against the yen in Asia on Thursday as positive Chinese manufacturing data boosted risk sentiment, while traders were also looking ahead to a crucial US jobs report.


The dollar climbed back above the 80 yen mark, fetching 80.04 yen in afternoon Tokyo trade, up from 79.78 yen in New York late Wednesday.


The euro bought $1.2962 and 103.75 yen from $1.2958 and 103.39 yen.


The jump came after official data Thursday showed China’s manufacturing activity returned to expansion in October for the first time in three months, while a closely watched private survey hit an eight-month high.


China’s purchasing managers’ index (PMI) stood at 50.2 last month, up from 49.8 in September, according to the China Federation of Logistics and Purchasing and the National Bureau of Statistics.


A PMI reading above 50 indicates expansion.Separately, a PMI from HSBC also showed a pick-up to 49.5 in October from 47.9 in September, which is still a contraction but represents another rise, adding to hopes the Chinese economy is emerging from a drawn-out slowdown.


Traders are now looking forward to the release on Friday of October’s jobs figures in the United States, the last before the presidential election on Tuesday, for clues to the state of the economy.


Traders were eyeing new developments in Europe’s long-running debt crisis, with Greece on Wednesday unveiling a tough new austerity budget designed to appease its international creditors.


The dollar was mixed against other Asia-Pacific currencies.


It firmed to 1,090.63 South Korean won from 1,090.50 on Wednesday, to 30.72 Thai baht from 30.69 baht, and to 9,629 Indonesian rupiah from 9,623 rupiah, while staying unchanged Tw$29.23.


The dollar eased to 41.18 Philippine pesos from 41.22 pesos, to Sg$1.2204 from Sg$1.2207, and to 53.78 Indian rupees from 54.18 pesos.The Australian dollar edged down to $1.0370 from $1.0375 and China’s yuan firmed to 12.80 yen from 12.72 yen.


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Tags: Business , dollar , Euro , Foreign Exchange



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