TOKYO: Dollar enfeebles moreover as opinion revolves to US

The dollar extended the previous day’s losses against the yen and euro in Asia Thursday as traders expect the passing of key information from the United States and Eurozone later in the daylight.


The single currency bought US$1.3717 in afternoon Tokyo trade, against US$1.3701 in New York where it had briefly fallen below the US$1.3700 level for the first time since late February.

Tokyo the dollar fetched 101.83 yen in the afternoon in, down from 101.87 yen late in New York and well off the 102.20 yen in Tokyo shortly Wednesday. The euro bought 139.66 yen compared with 139.70 yen while it moved up to $1.3717 from $1.3701.

There appeared to be little impact from news that Japan’s economy grew at the fastest pace in more than two years in the first three months of the year.

The widely watched ZEW institute investor confidence index fell for the fifth straight month, losing 10.1 points to 33.1, and will add to fresh speculation that the European Central Bank is ready to ease monetary policy soon.

We mustn’t allow inflation to remain too depressed for too long,” ECB executive board member Peter Praet stated. “The important, global, theme is likely to be one of inflation — or lack thereof,” National Australia Bank (NAB) said.

The dollar was under pressure after U.S. data showed retail and food services sales rose a mere 0.1 percent in April, more subdued than the 0.3 percent increase expected by analysts.

The dollar was also mostly lower against Asia-Pacific currencies other than the yen on Wednesday afternoon.

The greenback fell to SG$1. 2494 from SG$1. 2522, to 43.62 Philippine pesos from 43.79 pesos, to 11,470 Indonesian rupiah from 11,530 rupiah and to 32.49 Thai Baht from 32.61 Baht.

The greenback lifts up to 1,026.46 South Korean won from 1,022.93 won.


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