Dollar weak in Asia
Tuesday, 20 November 2007
TOKYO, Nov 19 (AFP): The dollar was weak in Asian trade today in the wake of soft US economic news as investors wondered about the US Federal Reserve's interest rate policy action next month, dealers said.
Trade moved in tight ranges as investors squared positions in shortened trade this week ahead of holidays both in Japan and the United States.
The euro firmed to 1.4665 dollars in Tokyo afternoon trade from 1.4659 in New York last week, edging up towards its record high of 1.4752 dollars reached earlier this month.
The dollar slid to 110.59 yen from 111.07, while the single European currency slipped to 162.15 yen from 162.87.
The dollar, which has weakened considerably against the euro and most other currencies this year except the yen, came under pressure after negative economic reports late last week raised concerns about US growth.
US industrial output fell 0.5 per cent in October, marking the biggest decline in production since January.
A separate report also revealed a lower-than-expected flow of international capital into the United States during September.
The US capital flow balance rebounded in September to a surplus of 26.4 billion dollars, compared with a deficit of over 70 billion dollars in the prior month.
Trade moved in tight ranges as investors squared positions in shortened trade this week ahead of holidays both in Japan and the United States.
The euro firmed to 1.4665 dollars in Tokyo afternoon trade from 1.4659 in New York last week, edging up towards its record high of 1.4752 dollars reached earlier this month.
The dollar slid to 110.59 yen from 111.07, while the single European currency slipped to 162.15 yen from 162.87.
The dollar, which has weakened considerably against the euro and most other currencies this year except the yen, came under pressure after negative economic reports late last week raised concerns about US growth.
US industrial output fell 0.5 per cent in October, marking the biggest decline in production since January.
A separate report also revealed a lower-than-expected flow of international capital into the United States during September.
The US capital flow balance rebounded in September to a surplus of 26.4 billion dollars, compared with a deficit of over 70 billion dollars in the prior month.