Yen drops in Asia on economic optimism
Tuesday, 25 August 2009
TOKYO, Aug 24 (AFP): The dollar and the euro climbed against the safe-haven yen in Asian trade today as hopes grew that the world economy is heading towards a recovery, dealers said.
The dollar rose to 94.90 yen in Tokyo afternoon trade from 94.35 in New York late Friday. The euro slipped to 1.4319 dollars from 1.4328 but climbed to 135.88 yen from 135.21.
The greenback and the euro were higher after US and European economic data, as well as comments by Federal Reserve chairman Ben Bernanke, added to optimism that the global recession was easing, dealers said.
The Japanese currency, seen as a safe bet during the economic crisis, was sold off as investor risk appetite improved, dealers said.
Markets were anticipating more positive US economic figures this week after a surprisingly strong jump in US existing-home sales, to a two-year high, lifted global equity markets.
Traders also reacted positively to Bernanke's comment that the prospects for a global economic recovery "appear good," and to a eurozone purchasing managers' index that rose to a 15-month high in August.
Against Asian currencies, the dollar fell to 1.4393 Singapore dollars from 1.4438 on Friday, to 1,240.00 South Korean won from 1,252.03 and to 32.84 Taiwan dollars from 32.93.
It dropped to 48.37 Philippine pesos from 48.41 and to 9,985.00 Indonesian rupiah from 10,061.25, while holding steady at 34.02 Thai baht.
The dollar rose to 94.90 yen in Tokyo afternoon trade from 94.35 in New York late Friday. The euro slipped to 1.4319 dollars from 1.4328 but climbed to 135.88 yen from 135.21.
The greenback and the euro were higher after US and European economic data, as well as comments by Federal Reserve chairman Ben Bernanke, added to optimism that the global recession was easing, dealers said.
The Japanese currency, seen as a safe bet during the economic crisis, was sold off as investor risk appetite improved, dealers said.
Markets were anticipating more positive US economic figures this week after a surprisingly strong jump in US existing-home sales, to a two-year high, lifted global equity markets.
Traders also reacted positively to Bernanke's comment that the prospects for a global economic recovery "appear good," and to a eurozone purchasing managers' index that rose to a 15-month high in August.
Against Asian currencies, the dollar fell to 1.4393 Singapore dollars from 1.4438 on Friday, to 1,240.00 South Korean won from 1,252.03 and to 32.84 Taiwan dollars from 32.93.
It dropped to 48.37 Philippine pesos from 48.41 and to 9,985.00 Indonesian rupiah from 10,061.25, while holding steady at 34.02 Thai baht.