Dollar recedes in Asia after recent pick-up

The dollar retreated in Asia on Thursday after rallying in the previous session in response to the better-than-expected Chinese growth figures and an upbeat US Federal Reserve economic report. In midday Tokyo trading, the greenback fetched 101.52 yen, against 101.69 yen in New York on Wednesday. The euro edged up to $1.3539 from $1.3524, while the single currency slipped to 137.36 yen from 137.55 yen in US trade. The greenback had been enjoying some buying in recent days thanks to a generally upbeat outlook and healthy earnings reports that had also helped push stock markets higher. On Wednesday, Chinese official data showed the world’s number two economy expanded 7.5 per cent year on year in the April-June quarter, better than the 7.4pc in the previous three months and beating forecasts of 7.4pc. On the other hand, Fed’s regional Beige Book report said the US economy continued to pick up steam, with all 12 economic regions of the country showing growth in the six weeks to July 7 – marking the 2nd report in a row to do so, according to AFP.