Asian currencies rise against the dollar
Monday, 23 July 2007
HONG KONG, July 22 (AFP): Asian currencies ended the week mostly up against the dollar as a lack of confidence in the US housing market plagued the greenback and a warning from the Federal Reserve said problems could worsen.
JAPANESE YEN: The yen edged up against the dollar due to lingering concerns over the US economic outlook earlier in the week, but the Japanese unit's rise was capped by political worries at home, dealers said.
The yen stood at 122.23 yen to the dollar late Friday, up from 122.46 to the dollar a week earlier.
Against the Euro, the yen was quoted at 168.67 yen, up from 168.74 yen.
The yen was traded stable at upper 121 yen levels against the dollar from Monday through Thursday even though the dollar languished near record lows against the Euro Thursday as the market digested a warning by US Federal Reserve chairman Ben Bernanke that housing problems could worsen, dealers said.
As for the yen, dealers said they were already bracing for the potential defeat of Prime Minister Shinzo Abe's ruling Liberal Democratic Party (LDP) in July 29 upper house elections, which could trigger calls for Abe to step down.
AUSTRALIAN DOLLAR: The Australian dollar is tipped to reach fresh 18-year highs against the greenback next week, easing any lingering fears the central bank may have about inflation, dealers said.
The Aussie currency was trading at 88.08 US cents at 5:00 pm Friday (0600 GMT), up more than a cent on the previous week's 86.74 US cents.
NEW ZEALAND DOLLAR: The New Zealand dollar ended the week at 79.57 US cents, up more than a cent from 78.21 the previous Friday.
The kiwi continued to rise to fresh record highs for the 22 years since the currency was floated in 1985.
CHINESE YUAN: The yuan closed narrowly up at 7.5745 to the dollar Friday on the exchange-traded market, compared with 7.5695 to the dollar a week earlier.
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 7.8205, from 7.817 a week earlier.
INDONESIAN RUPIAH: The rupiah ended the week trading at 9,060/9,065 to the dollar, compared to 9,025/9,030 to the dollar a week earlier.
PHILIPPINE PESO: The Philippine peso traded higher at 44.80 to the dollar Friday afternoon from 45.750 to the dollar a week earlier.
The currency is now at levels not seen since August 2000.
SINGAPORE DOLLAR: The dollar was at 1.5112 Singapore dollars on Friday from 1.5146 the previous week.
SOUTH KOREAN WON: The won closed sharply higher against the US dollar Friday, extending its advance for a third straight session, closing at 914.90 won per dollar, compared with 916.80 won a week earlier.
TAIWAN DOLLAR: The Taiwan dollar fell narrowly in the week to July 20 to close at 32.790 against the US dollar, compared to 32.762 a week earlier.
THAI BAHT: The Thai baht fell against the dollar over the past week but remained at a 10-year high against the US currency despite the central bank's rate cut aimed at weakening the local unit, dealers said.
The Thai baht closed at 33.65-67 to the dollar Friday, down from 33.31- 34 a week earlier.
JAPANESE YEN: The yen edged up against the dollar due to lingering concerns over the US economic outlook earlier in the week, but the Japanese unit's rise was capped by political worries at home, dealers said.
The yen stood at 122.23 yen to the dollar late Friday, up from 122.46 to the dollar a week earlier.
Against the Euro, the yen was quoted at 168.67 yen, up from 168.74 yen.
The yen was traded stable at upper 121 yen levels against the dollar from Monday through Thursday even though the dollar languished near record lows against the Euro Thursday as the market digested a warning by US Federal Reserve chairman Ben Bernanke that housing problems could worsen, dealers said.
As for the yen, dealers said they were already bracing for the potential defeat of Prime Minister Shinzo Abe's ruling Liberal Democratic Party (LDP) in July 29 upper house elections, which could trigger calls for Abe to step down.
AUSTRALIAN DOLLAR: The Australian dollar is tipped to reach fresh 18-year highs against the greenback next week, easing any lingering fears the central bank may have about inflation, dealers said.
The Aussie currency was trading at 88.08 US cents at 5:00 pm Friday (0600 GMT), up more than a cent on the previous week's 86.74 US cents.
NEW ZEALAND DOLLAR: The New Zealand dollar ended the week at 79.57 US cents, up more than a cent from 78.21 the previous Friday.
The kiwi continued to rise to fresh record highs for the 22 years since the currency was floated in 1985.
CHINESE YUAN: The yuan closed narrowly up at 7.5745 to the dollar Friday on the exchange-traded market, compared with 7.5695 to the dollar a week earlier.
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 7.8205, from 7.817 a week earlier.
INDONESIAN RUPIAH: The rupiah ended the week trading at 9,060/9,065 to the dollar, compared to 9,025/9,030 to the dollar a week earlier.
PHILIPPINE PESO: The Philippine peso traded higher at 44.80 to the dollar Friday afternoon from 45.750 to the dollar a week earlier.
The currency is now at levels not seen since August 2000.
SINGAPORE DOLLAR: The dollar was at 1.5112 Singapore dollars on Friday from 1.5146 the previous week.
SOUTH KOREAN WON: The won closed sharply higher against the US dollar Friday, extending its advance for a third straight session, closing at 914.90 won per dollar, compared with 916.80 won a week earlier.
TAIWAN DOLLAR: The Taiwan dollar fell narrowly in the week to July 20 to close at 32.790 against the US dollar, compared to 32.762 a week earlier.
THAI BAHT: The Thai baht fell against the dollar over the past week but remained at a 10-year high against the US currency despite the central bank's rate cut aimed at weakening the local unit, dealers said.
The Thai baht closed at 33.65-67 to the dollar Friday, down from 33.31- 34 a week earlier.