Dollar weaker against euro, yen
Tuesday, 22 July 2008
SINGAPORE, July 21 (AFP): The dollar was weaker against the euro and yen in Asian trading today as investors took profits after the US currency's gains last week, dealers said.
In afternoon trade, the dollar was at 106.845 yen, down from 106.95 in New York Friday. The euro changed hands at 1.5862 dollars, up from 1.5846.
"The dollar is a little bit weaker," said Dariusz Kowalczyk, a senior investment strategist with CFC Seymour Securities in Hong Kong. "There is some profit-taking, I would say."
Markets in Japan were closed for a public holiday.
"Markets are increasingly worried that the US economic and financial turmoil could trigger a slowdown in Europe and even Japan," said Ryohei Muramatsu, treasury manager at Commerzbank.
The dollar firmed Friday during US trading hours after banking giant Citigroup, among the hardest hit by the weak US housing market, posted a smaller-than-expected quarterly loss.
The news from Citigroup, one of the biggest US banks, helped calm jitters about the health of the financial sector in the world's largest economy.
Any gains in the US dollar is expected to be short-lived given ongoing concerns about the economy which has been roiled by the troubled housing sector and high oil prices, dealers said.
"We think the majors will continue to trade in recent ranges as any positive USD (US dollar) sentiment still appears shaky," analysts from Singapore's United Overseas Bank said in a report.
Against Asian currencies, the dollar fell to 1.3512 Singapore dollars from 1.3531 on Friday, to 33.30 Thai baht from 33.41, to 44.375 Philippine pesos from 44.47 and to 9,147.5 Indonesian rupiah from 9,150.5.
It rose to 1,017.3 South Korean won from 1,013.80 and to 30.35 Taiwan dollars from 30.34.
In afternoon trade, the dollar was at 106.845 yen, down from 106.95 in New York Friday. The euro changed hands at 1.5862 dollars, up from 1.5846.
"The dollar is a little bit weaker," said Dariusz Kowalczyk, a senior investment strategist with CFC Seymour Securities in Hong Kong. "There is some profit-taking, I would say."
Markets in Japan were closed for a public holiday.
"Markets are increasingly worried that the US economic and financial turmoil could trigger a slowdown in Europe and even Japan," said Ryohei Muramatsu, treasury manager at Commerzbank.
The dollar firmed Friday during US trading hours after banking giant Citigroup, among the hardest hit by the weak US housing market, posted a smaller-than-expected quarterly loss.
The news from Citigroup, one of the biggest US banks, helped calm jitters about the health of the financial sector in the world's largest economy.
Any gains in the US dollar is expected to be short-lived given ongoing concerns about the economy which has been roiled by the troubled housing sector and high oil prices, dealers said.
"We think the majors will continue to trade in recent ranges as any positive USD (US dollar) sentiment still appears shaky," analysts from Singapore's United Overseas Bank said in a report.
Against Asian currencies, the dollar fell to 1.3512 Singapore dollars from 1.3531 on Friday, to 33.30 Thai baht from 33.41, to 44.375 Philippine pesos from 44.47 and to 9,147.5 Indonesian rupiah from 9,150.5.
It rose to 1,017.3 South Korean won from 1,013.80 and to 30.35 Taiwan dollars from 30.34.