Dollar gains against yen in Asian trade
Tuesday, 9 October 2007
SINGAPORE, Oct 8 (AFP): The dollar gained against the yen in Asian trade today, a day ahead of the US Federal Reserve's release of its September minutes, dealers said.
The greenback was at 117.07 to the yen in afternoon trade, up from 116.94 late Friday in New York.
Tokyo markets were closed for a public holiday.
The euro was virtually unchanged at 1.4135 dollars from 1.4134 late Friday. It had fallen earlier on Friday to a two-week low of 1.4033 on positive US job creation news.
Thomas Lam, treasury economist at United Overseas Bank Group, said the tone of trading during the first three days of the week should be set by the Federal Open Market Committee (FOMC) minutes to be released on Tuesday.
Last month the US Fed said it cut interest rates by half a point "to help forestall some of the adverse effects on the broader economy that might arise from the disruptions in financial markets."
A US Labour Department report Friday said the US economy last month created 110,000 jobs, on the back of a revised rise of 89,000 in August.
The dollar in recent weeks has come under heavy selling pressure on speculation that the Federal Reserve would continue to cut its benchmark interest rate as signs emerged of a slowdown in US momentum.
The Bank of Japan is to hold a policy meeting on Wednesday and Thursday but Lam said, "I don't think that's going to be a factor."
The Philippine peso rose to its highest level in seven years against the dollar today, dealers said, with the currency's strength seen as a potential problem for the nation's economy.
The peso was at 44.37 in afternoon trade, up from 44.42 to the dollar in early trade, its highest level since July 2000. The peso closed at 44.75 last Friday.
The dollar also fell to 1.4688 Singapore dollars from 1.4788 on Friday, to 9,063.55 Indonesian rupiah from 9,102.5, to 914.84 South Korean won from 916.15 and to 32.50 Taiwan dollars from 32.60.
The greenback was unchanged at 31.55 Thai baht.
The greenback was at 117.07 to the yen in afternoon trade, up from 116.94 late Friday in New York.
Tokyo markets were closed for a public holiday.
The euro was virtually unchanged at 1.4135 dollars from 1.4134 late Friday. It had fallen earlier on Friday to a two-week low of 1.4033 on positive US job creation news.
Thomas Lam, treasury economist at United Overseas Bank Group, said the tone of trading during the first three days of the week should be set by the Federal Open Market Committee (FOMC) minutes to be released on Tuesday.
Last month the US Fed said it cut interest rates by half a point "to help forestall some of the adverse effects on the broader economy that might arise from the disruptions in financial markets."
A US Labour Department report Friday said the US economy last month created 110,000 jobs, on the back of a revised rise of 89,000 in August.
The dollar in recent weeks has come under heavy selling pressure on speculation that the Federal Reserve would continue to cut its benchmark interest rate as signs emerged of a slowdown in US momentum.
The Bank of Japan is to hold a policy meeting on Wednesday and Thursday but Lam said, "I don't think that's going to be a factor."
The Philippine peso rose to its highest level in seven years against the dollar today, dealers said, with the currency's strength seen as a potential problem for the nation's economy.
The peso was at 44.37 in afternoon trade, up from 44.42 to the dollar in early trade, its highest level since July 2000. The peso closed at 44.75 last Friday.
The dollar also fell to 1.4688 Singapore dollars from 1.4788 on Friday, to 9,063.55 Indonesian rupiah from 9,102.5, to 914.84 South Korean won from 916.15 and to 32.50 Taiwan dollars from 32.60.
The greenback was unchanged at 31.55 Thai baht.