Euro hits nine-month high against dollar
Thursday, 17 September 2009
TOKYO, Sept 16 (AFP): The euro struck a new nine-month high against the dollar in Asia today as investors snapped up riskier assets, reflecting mounting hopes for a global economic recovery.
The euro rose to as high as 1.4696 dollars-levels last seen in December. In late Tokyo trade it stood at 1.4683, up from 1.4658 in New York Tuesday.
The yen climbed after Japan's incoming finance minister reiterated he is against intervening in the markets to curb the currency's strength.
The dollar dropped to 90.62 yen from 91.08 while the euro declined to 133.04 yen from 133.50.
The market was in dollar-selling mode, with a jump in US retail sales and steady commodity markets reducing the appeal of the safe-haven currency, said Masato Otsubo, currency analyst at Resona Bank.
The euro found some support after Germany's closely watched ZEW survey, which measures the mood of financial market players, rose in September to 57.7 -- its highest level since April 2006 - - from 56.1 in August.
Against Asian currencies, the dollar fell to 1,211.23 South Korean won from 1,218.45 on Tuesday, to 1.4171 Singapore dollars from 1.4220 and to 32.53 Taiwan dollars from 32.62.
It dropped to 9,790.00 Indonesian rupiah from 9,907.50, to 48.09 Philippine pesos from 48.33 and to 33.79 Thai baht from 33.92.
The euro rose to as high as 1.4696 dollars-levels last seen in December. In late Tokyo trade it stood at 1.4683, up from 1.4658 in New York Tuesday.
The yen climbed after Japan's incoming finance minister reiterated he is against intervening in the markets to curb the currency's strength.
The dollar dropped to 90.62 yen from 91.08 while the euro declined to 133.04 yen from 133.50.
The market was in dollar-selling mode, with a jump in US retail sales and steady commodity markets reducing the appeal of the safe-haven currency, said Masato Otsubo, currency analyst at Resona Bank.
The euro found some support after Germany's closely watched ZEW survey, which measures the mood of financial market players, rose in September to 57.7 -- its highest level since April 2006 - - from 56.1 in August.
Against Asian currencies, the dollar fell to 1,211.23 South Korean won from 1,218.45 on Tuesday, to 1.4171 Singapore dollars from 1.4220 and to 32.53 Taiwan dollars from 32.62.
It dropped to 9,790.00 Indonesian rupiah from 9,907.50, to 48.09 Philippine pesos from 48.33 and to 33.79 Thai baht from 33.92.