Asian currencies mostly higher against dollar
Monday, 11 June 2007
HONG KONG, June 10 (AFP): Asian currencies ended the week mostly higher against the dollar, with the Japanese yen buoyed largely by the weakness of US shares as interest rate and inflation fears agitated investors.
JAPANESE YEN: The yen edged up slightly in the past week but the currency still faced pressure due to disappointing economic data, dealers said.
The yen stood at 121.28 to the dollar Friday, up from 121.86 a week earlier.
"After the weakness of the US stock market, the yen became firmer," said Seiichi Kanazawa, dealer at Resona Bank.
"The situation now is that the world's stock markets are setting the tone for foreign currencies," said Kosuke Hanao, a forex analyst at HSBC.
Global stock markets fell sharply in May and June 2006 amid similar concerns of rising inflation and interest rates in the United States, the world's largest economy.
AUSTRALIAN DOLLAR: The Australian dollar is expected to gain further ground in the coming week after hitting 17-year highs as stronger-than- expected economic data stirred speculation an interest rate hike was imminent, dealers said.
The Aussie was trading at 84.37 US cents at 5:00 pm Friday (0600 GMT), up on the previous week's 82.87 US cents.
NEW ZEALAND DOLLAR: The New Zealand dollar ended the week at 75.47 US cents, up sharply from 73.96 the previous Friday.
The kiwi surged against the greenback during the week to hit new 25-year highs as foreign investors chased high interest rates available in New Zealand.
CHINESE YUAN: The yuan closed at 7.6545 to the dollar Friday on the exchange-traded market, compared with Thursday's close of 7.6475, and a closing price of 7.6460 to the dollar the week before.
On the over-the-counter market, it ended at 7.6550 to the dollar against 7.6487 the previous day.
The central bank had set the yuan central parity rate at 7.6656 to the dollar Friday, compared with 7.6502 Thursday.
The People's Bank of China allows a trading band of 0.5 per cent on either side of the midpoint.
HONG KONG DOLLAR: The US-pegged Hong Kong dollar ended the week at 7.816, from 7.8097 a week earlier.
INDONESIAN RUPIAH: The rupiah ended the week trading at 9,080/9,090 to the dollar, compared to 8,830/8,840 a week earlier.
PHILIPPINE PESO: The Philippine peso closed the week at 46.57 to the dollar, down from 46.05 the previous Friday.
SINGAPORE DOLLAR: The dollar was at 1.5376 Singapore dollars from 1.5296 the week before.
SOUTH KOREAN WON: The won closed at 931.00 to the dollar, down from 928.40 won a week earlier.
Dealers said the dollar gained against the won as foreign investors sold stocks massively and the greenback strengthened in global markets.
TAIWAN DOLLAR: The Taiwan dollar finished the week at 32.990 against the US dollar, up from 33.009 a week earlier.
THAI BAHT: The Thai baht traded flat against the dollar over the past week as trading was thin due to a lack of fresh leads in the market, but the local unit remained at a nine-year high against the greenback.
The baht closed at 34.59-60 to the dollar, little moved from 34.56-58 a week earlier.
JAPANESE YEN: The yen edged up slightly in the past week but the currency still faced pressure due to disappointing economic data, dealers said.
The yen stood at 121.28 to the dollar Friday, up from 121.86 a week earlier.
"After the weakness of the US stock market, the yen became firmer," said Seiichi Kanazawa, dealer at Resona Bank.
"The situation now is that the world's stock markets are setting the tone for foreign currencies," said Kosuke Hanao, a forex analyst at HSBC.
Global stock markets fell sharply in May and June 2006 amid similar concerns of rising inflation and interest rates in the United States, the world's largest economy.
AUSTRALIAN DOLLAR: The Australian dollar is expected to gain further ground in the coming week after hitting 17-year highs as stronger-than- expected economic data stirred speculation an interest rate hike was imminent, dealers said.
The Aussie was trading at 84.37 US cents at 5:00 pm Friday (0600 GMT), up on the previous week's 82.87 US cents.
NEW ZEALAND DOLLAR: The New Zealand dollar ended the week at 75.47 US cents, up sharply from 73.96 the previous Friday.
The kiwi surged against the greenback during the week to hit new 25-year highs as foreign investors chased high interest rates available in New Zealand.
CHINESE YUAN: The yuan closed at 7.6545 to the dollar Friday on the exchange-traded market, compared with Thursday's close of 7.6475, and a closing price of 7.6460 to the dollar the week before.
On the over-the-counter market, it ended at 7.6550 to the dollar against 7.6487 the previous day.
The central bank had set the yuan central parity rate at 7.6656 to the dollar Friday, compared with 7.6502 Thursday.
The People's Bank of China allows a trading band of 0.5 per cent on either side of the midpoint.
HONG KONG DOLLAR: The US-pegged Hong Kong dollar ended the week at 7.816, from 7.8097 a week earlier.
INDONESIAN RUPIAH: The rupiah ended the week trading at 9,080/9,090 to the dollar, compared to 8,830/8,840 a week earlier.
PHILIPPINE PESO: The Philippine peso closed the week at 46.57 to the dollar, down from 46.05 the previous Friday.
SINGAPORE DOLLAR: The dollar was at 1.5376 Singapore dollars from 1.5296 the week before.
SOUTH KOREAN WON: The won closed at 931.00 to the dollar, down from 928.40 won a week earlier.
Dealers said the dollar gained against the won as foreign investors sold stocks massively and the greenback strengthened in global markets.
TAIWAN DOLLAR: The Taiwan dollar finished the week at 32.990 against the US dollar, up from 33.009 a week earlier.
THAI BAHT: The Thai baht traded flat against the dollar over the past week as trading was thin due to a lack of fresh leads in the market, but the local unit remained at a nine-year high against the greenback.
The baht closed at 34.59-60 to the dollar, little moved from 34.56-58 a week earlier.