Euro gains on dollar in Asia
Wednesday, 9 September 2009
TOKYO, Sept 8 (AFP): The euro notched up fresh gains against the dollar in Asia today, boosted by mounting hopes that the German economy is on the mend after its worst slump in decades.
The euro rose to 1.4395 dollars in Tokyo afternoon trade, up from 1.4332 in late European deals on Monday, when US markets were shut for Labor Day. But it slipped to 132.99 yen after 133.37. The dollar fell to 92.41 yen from 93.03.
In the absence of any lead from New York, currency traders were focused on German data showing exports rose 2.3 percent in July from the previous month.
"Exports have risen in three of the prior four months and a further increase in July is likely to support global recovery views," said Rabobank International economist Adrian Foster.
Optimism about the health of Europe's biggest economy has grown since data released Monday showed a sharper than expected 3.5 percent rise in German industrial orders in July-seen as another sign of a budding recovery.
Growth-sensitive currencies such as the euro and the Australian dollar have also been boosted by last week's less gloomy than expected US jobs data and a pledge by the Group of 20 economies to maintain stimulus measures.
The euro rose to 1.4395 dollars in Tokyo afternoon trade, up from 1.4332 in late European deals on Monday, when US markets were shut for Labor Day. But it slipped to 132.99 yen after 133.37. The dollar fell to 92.41 yen from 93.03.
In the absence of any lead from New York, currency traders were focused on German data showing exports rose 2.3 percent in July from the previous month.
"Exports have risen in three of the prior four months and a further increase in July is likely to support global recovery views," said Rabobank International economist Adrian Foster.
Optimism about the health of Europe's biggest economy has grown since data released Monday showed a sharper than expected 3.5 percent rise in German industrial orders in July-seen as another sign of a budding recovery.
Growth-sensitive currencies such as the euro and the Australian dollar have also been boosted by last week's less gloomy than expected US jobs data and a pledge by the Group of 20 economies to maintain stimulus measures.