Dollar range-bound in Asia
Thursday, 19 July 2012
TOKYO, July 18 (AFP): The dollar was range-bound against other major currencies in Asian trade Wednesday as investors awaited the US central bank's "Beige Book" regional review to get a clue on additional monetary easing.
The euro fetched $1.2281 in Tokyo afternoon trade compared with $1.2292 in New York late Tuesday. The European currency dipped against the yen, buying 97.08 yen from 97.23 yen.
The dollar was quoted at 79.03 yen, slightly down from 79.10 yen.
The greenback edged down in earlier trade on improved risk sentiment following gains in US stocks in New York.
The Federal Reserve chairman Ben Bernanke told Senate lawmakers Tuesday that the economy was poised to slow further from the roughly 2.0 per cent growth in the first quarter.
Bernanke offered no clear signal that additional stimulus was in the pipeline, but said the central bank was prepared to act if conditions deteriorate.
The Dow Jones Industrial Average closed at 12,805.54, gaining 0.62 per cent, more than erasing Monday's losses.
Against the yen, the dollar "is supported by expectations that the next quantitative easing (by the Fed) could boost share prices," Masafumi Yamamoto, chief currency strategist at Barclays Capital, said in a note to clients.
Junichi Ishikawa, forex analyst at IG Markets Securities in Tokyo, said yen-buying pressure may increase if US economic indicators, including some corporate earnings results due Wednesday, show weaker than expected figures.
The euro fetched $1.2281 in Tokyo afternoon trade compared with $1.2292 in New York late Tuesday. The European currency dipped against the yen, buying 97.08 yen from 97.23 yen.
The dollar was quoted at 79.03 yen, slightly down from 79.10 yen.
The greenback edged down in earlier trade on improved risk sentiment following gains in US stocks in New York.
The Federal Reserve chairman Ben Bernanke told Senate lawmakers Tuesday that the economy was poised to slow further from the roughly 2.0 per cent growth in the first quarter.
Bernanke offered no clear signal that additional stimulus was in the pipeline, but said the central bank was prepared to act if conditions deteriorate.
The Dow Jones Industrial Average closed at 12,805.54, gaining 0.62 per cent, more than erasing Monday's losses.
Against the yen, the dollar "is supported by expectations that the next quantitative easing (by the Fed) could boost share prices," Masafumi Yamamoto, chief currency strategist at Barclays Capital, said in a note to clients.
Junichi Ishikawa, forex analyst at IG Markets Securities in Tokyo, said yen-buying pressure may increase if US economic indicators, including some corporate earnings results due Wednesday, show weaker than expected figures.