Agence France-Presse
3:47 pm | Thursday, December 5th, 2013
US Currency. AP FILE PHOTO
TOKYO — The dollar eased in Asia Thursday ahead of key US jobs data seen as crucial for the timing of the Federal Reserve’s stimulus pullback, while the euro treaded water as European central bankers meet later in the day.
The greenback slipped to 102.00 yen in afternoon Tokyo trading from 102.32 yen in New York Wednesday afternoon, as investors grew cautious with Tokyo stocks expanding losses.
The euro fetched $1.3602 and 138.97 yen, against $1.3591 and 139.06 yen.
The benchmark Nikkei index at the Tokyo Stock Exchange was down 1.74 percent in afternoon trade.
The dollar got a lift Wednesday after payrolls firm ADP reported US private-sector hiring surged in November, with a net 215,000 new jobs created, the strongest month so far in 2013 and well above analyst expectations.
Other US data also came in better than anticipated, including a sharp rebound in new-home sales and a shrinking foreign trade deficit, helping to offset a slowdown in services-sector growth.
“US November payrolls data to be released tomorrow will be crucial to provide more decisive clues to the timing of Fed tapering,” Credit Agricole said.
The central bank’s next policy meeting starts on December 17.
Markets have also been speculating over whether ECB policymakers will launch fresh easing measures after cutting interest rates to a record low of 0.25 percent last month.
But “we do not expect any ECB action on policy rates at today’s meeting,” Credit Agricole said.
“At the same time, some further changes to communication are possible in order to maintain an easing bias and to enhance forward guidance,” it added.
The yen has been under pressure as some investors bet the Bank of Japan will launch further stimulus to help boost the world’s third-largest economy.
Against other Asia-Pacific currencies the dollar was mixed.
It firmed to 32.21 Thai baht from 32.18 baht Wednesday as Thailand observed a lull in political tensions to mark its king’s 86th birthday.
It also edged up to 1,061.13 South Korean won from 1,060.84 won, to Sg$1.2552 from Sg$1.2539, to 43.87 Philippine pesos from 43.73 pesos, and to Tw$29.60 from Tw$29.57.
But it fell to 11,945.00 Indonesian rupiah from 12,009 rupiah.
The dollar also tumbled to 61.59 Indian rupees from 62.50 rupees with the Indian currency rallying on early indications of support for the pro-business Bharatiya Janata Party in state elections held since November.
Official results of the elections will be released on Sunday.
The Australian dollar fell to 90.35 US cents from 90.66 cents, while the Chinese yuan slipped to 16.74 yen from 16.81 yen.
Follow Us
Recent Stories:
Short URL: http://business.inquirer.net/?p=155237
Tags: Asia , Business , Foreign Exchange , Forex , US dollar
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
seo tools
No comments:
Post a Comment