Dollar extends gains ahead of G8 meeting
Friday, 13 June 2008
TOKYO, June 12 (AFP): The dollar gained ground against the euro and the yen in Asian trade Thursday as traders waited to see whether Group of Eight finance ministers will voice support for a stronger greenback, dealers said.
The dollar rose to 107.44 yen in Tokyo afternoon trade from 106.96 in New York late Wednesday.
The euro slipped to 1.5435 dollars from 1.5554 and to 165.85 yen from 166.34.
The US currency was propped up by expectations that G8 finance ministers in Japan this weekend will make supportive remarks about the dollar, said Ryohei Muramatsu, manager of Group Treasury Asia of Commerzbank.
"The US government's stance has changed into a defence of the dollar."
The dollar rose to 107.44 yen in Tokyo afternoon trade from 106.96 in New York late Wednesday.
The euro slipped to 1.5435 dollars from 1.5554 and to 165.85 yen from 166.34.
The US currency was propped up by expectations that G8 finance ministers in Japan this weekend will make supportive remarks about the dollar, said Ryohei Muramatsu, manager of Group Treasury Asia of Commerzbank.
"The US government's stance has changed into a defence of the dollar."