Latest Stories

Dollar slips in Asian trade


TOKYO–The dollar slipped in Asia on Friday as poor US data weighed, while the euro was mixed after an upbeat German business climate index propelled it higher in New York.

In late morning Tokyo trade, the greenback weakened to 98.81 yen from 99.24 yen in New York on Thursday and above the 100 yen mark this week.

The euro was stronger on the dollar at $1.3283 from $1.3277, while the single currency dipped to 131.25 yen from 131.75 yen in US trading.

The dollar has been under pressure as a jump in jobless claims and weak demand for durable goods, such as cars and washing machines, dented hopes the world’s largest economy had cemented a recovery.

That, in turn, threw into question the timing of the US Federal Reserve’s plan to roll back its massive stimulus programme. The bank holds a policy meeting next week.

Comments from Fed officials, including its chief Ben Bernanke, have kept investors guessing about a roll back on the quantitative easing scheme, which it has said would depend on the strength of fresh economic data.

“Markets are still trying to digest what Bernanke has said,” Ken Jakubzak, founder of KMJ Capital, told Dow Jones Newswires.

“If they really do start to reduce [bond purchases] in September, then the dollar will get some support.”

A pull-back on Fed stimulus would mean fewer dollars sloshing around in the financial system, lifting demand and in turn sending the currency higher.

Also Friday, deflation-plagued Japan logged its first monthly price rise in over a year, but the June data was mainly driven by surging energy costs rather than a broad uptick in the price of retail goods.

The euro hit a one-month high on the dollar Thursday at $1.3296 as the Ifo economic institute’s index showed German business confidence rose for the third month in a row in July.

The closely watched measure suggested companies in Europe’s top economy were shrugging off the recession across the wider eurozone.

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Asian Trade , dollar , Economic indicators , economy , Euro , Foreign Exchange

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


  • Anti-gay demo in Ethiopia cancelled
  • Obama launches measures to support solar energy in US
  • Nebraska toddler gets stuck inside claw machine
  • Philippine eagle rescued by Army turned over to DENR
  • Gunmen attack Iraq military base, kill 10 soldiers
  • Sports

  • Vietnam says it will not host Asian Games
  • Nadal passes clay landmark with 300th victory
  • Wawrinka waltzes through with Monte Carlo walkover
  • Power Pinays smash India in Asian Women’s Club volleyball opener
  • PH youth boxers off to stumbling start in AIBA World tilt
  • Lifestyle

  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • This is not just a farm
  • Clams and garlic, softshell crab risotto–not your usual seafood fare for Holy Week
  • Entertainment

  • Cannes film festival launches race for 2014 Palme d’Or
  • Jones, Godard, Cronenberg in competition at Cannes
  • Will Arnett files for divorce from Amy Poehler
  • American rapper cuts own penis, jumps off building
  • Jay Z to bring Made in America music fest to LA
  • Business

  • Total says makes ‘very promising’ oil find off Ivory Coast
  • ‘Chinese Twitter’ firm Weibo to go public in US
  • World stocks subdued, Nikkei flat on profit taking
  • Asia stocks fail to match Wall Street gains
  • Fired Yahoo exec gets $58M for 15 months of work
  • Technology

  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Filipinos #PrayForSouthKorea
  • Taylor Swift tries video blogging, crashes into fan’s bridal shower
  • DOF: Tagaytay, QC best at handling funds
  • Smart phone apps and sites perfect for the Holy Week
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Malaysia quarantines 64 villagers over MERS virus
  • DFA: 2 Filipinos survive Korean ferry disaster
  • PH asks airline passengers to check for MERS
  • Syria most dangerous country for journalists, PH 3rd—watchdog
  • Japan says visa-free entry still a plan
  • Marketplace