Asian currencies mixed
Monday, 9 November 2009
HONG KONG, Nov 8 (AFP): Asian currencies ended the week mixed against the dollar as concerns over the health of the US economy continued to depress market sentiment.
JAPANESE YEN: The yen firmed against the dollar as worries over the US economy's tentative moves out of recession lifted demand for the safe-haven Japanese currency, dealers said.
The yen rose to 89.90 yen in New York late Friday from 90.08 to the dollar a week earlier.
Market sentiment was dominated by news that the US unemployment rate jumped to double digits in October for the first time since 1983, reaching 10.2 per cent and underscoring slow progress toward curbing unemployment.
AUSTRALIAN DOLLAR: The Australian dollar took a sidestep as some of the shine came off the global economic recovery and volatility returned to markets, dealers said.
The commodities-based Aussie closed Friday at 91.36 US cents, down from 91.45 US cents a week earlier.
The Reserve Bank of Australia (RBA) hiked interest rates by 25 basis points for a second successive month Tuesday, after in October becoming the first advanced economy to tighten fiscal policy since the global meltdown.
NEW ZEALAND DOLLAR: The New Zealand dollar finished local trading Friday at 72.25 US cents, down from 73.24 the previous week.
The kiwi fell midweek on news that New Zealand's unemployment rate rose to a nine-year high of 6.5 per cent in the September quarter.
The local currency was also affected Wednesday by attempts by central bank governor Alan Bollard to talk it down by warning the kiwi should not be treated the same as the Australian dollar by investors.
CHINESE YUAN: The yuan closed at 6.8273 to the dollar Friday on the over the counter market, compared with Thursday's close of 6.8276, and a closing price of 6.8275 to the dollar the week before.
The central bank had set the yuan central parity rate at 6.8276 to the dollar Friday, compared with 6.8277 Thursday.
HONG KONG DOLLAR: The US-pegged Hong Kong unit ended the week at 7.750 from 7.751 a week before.
INDONESIAN RUPIAH: The rupiah ended at 9,465 to the dollar, up from 9,590 the week before.
PHILIPPINE PESO: The peso rose to 47.20 to the dollar on Friday from 47.63 a week earlier.
SINGAPORE DOLLAR: The Singapore dollar was at 1.3930 to the US dollar Friday from 1.3957 the previous week.
SOUTH KOREAN WON: South Korea's won sharply strengthened Friday to close at 1,168.0 to the dollar, compared with 1,182.5 to the greenback a week earlier, as a sharp rise in US stocks increased demand for local shares as well.
The won gained 11.80 won to the dollar Friday alone despite a suspected intervention by the central Bank of Korea, traders said. The won has risen about 34 per cent from its lows in March.
THAI BAHT: The baht rose against the dollar as the US unit lost ground against regional currencies and the US Federal Reserve kept interest rates at a historic low, dealers said.
JAPANESE YEN: The yen firmed against the dollar as worries over the US economy's tentative moves out of recession lifted demand for the safe-haven Japanese currency, dealers said.
The yen rose to 89.90 yen in New York late Friday from 90.08 to the dollar a week earlier.
Market sentiment was dominated by news that the US unemployment rate jumped to double digits in October for the first time since 1983, reaching 10.2 per cent and underscoring slow progress toward curbing unemployment.
AUSTRALIAN DOLLAR: The Australian dollar took a sidestep as some of the shine came off the global economic recovery and volatility returned to markets, dealers said.
The commodities-based Aussie closed Friday at 91.36 US cents, down from 91.45 US cents a week earlier.
The Reserve Bank of Australia (RBA) hiked interest rates by 25 basis points for a second successive month Tuesday, after in October becoming the first advanced economy to tighten fiscal policy since the global meltdown.
NEW ZEALAND DOLLAR: The New Zealand dollar finished local trading Friday at 72.25 US cents, down from 73.24 the previous week.
The kiwi fell midweek on news that New Zealand's unemployment rate rose to a nine-year high of 6.5 per cent in the September quarter.
The local currency was also affected Wednesday by attempts by central bank governor Alan Bollard to talk it down by warning the kiwi should not be treated the same as the Australian dollar by investors.
CHINESE YUAN: The yuan closed at 6.8273 to the dollar Friday on the over the counter market, compared with Thursday's close of 6.8276, and a closing price of 6.8275 to the dollar the week before.
The central bank had set the yuan central parity rate at 6.8276 to the dollar Friday, compared with 6.8277 Thursday.
HONG KONG DOLLAR: The US-pegged Hong Kong unit ended the week at 7.750 from 7.751 a week before.
INDONESIAN RUPIAH: The rupiah ended at 9,465 to the dollar, up from 9,590 the week before.
PHILIPPINE PESO: The peso rose to 47.20 to the dollar on Friday from 47.63 a week earlier.
SINGAPORE DOLLAR: The Singapore dollar was at 1.3930 to the US dollar Friday from 1.3957 the previous week.
SOUTH KOREAN WON: South Korea's won sharply strengthened Friday to close at 1,168.0 to the dollar, compared with 1,182.5 to the greenback a week earlier, as a sharp rise in US stocks increased demand for local shares as well.
The won gained 11.80 won to the dollar Friday alone despite a suspected intervention by the central Bank of Korea, traders said. The won has risen about 34 per cent from its lows in March.
THAI BAHT: The baht rose against the dollar as the US unit lost ground against regional currencies and the US Federal Reserve kept interest rates at a historic low, dealers said.