Dollar eases in Asia but expected to resume rise
The dollar eased in Asia on Monday after a Japanese minister said the recent correction against the yen was nearly over, but analysts said the greenback would soon resume its climb.
The dollar eased in Asia on Monday after a Japanese minister said the recent correction against the yen was nearly over, but analysts said the greenback would soon resume its climb.
The dollar’s rally against the yen stumbled in Asian trade on Tuesday morning as investors looked for concrete signs that the US Federal Reserve would roll back its huge bond-buying program.
The dollar soared above 100 yen for the first time in more than four years Friday, driven by improved U.S. economic figures and Tokyo’s aggressive credit-easing that aims to revive Japan’s sluggish economy.
Tokyo stocks opened 1.82 percent higher on Friday following the dollar’s surge past the 100 yen mark overnight.
The Bangko Sentral ng Pilipinas has again eased the rules on foreign exchange to give the public wider access to the enormous dollar resources kept in the country’s banking system
The dollar turned softer in Asia on profit-taking Friday, hovering below the 100 yen level after enjoying a recent rally from the Bank of Japan’s huge stimulus measures.
The peso strengthened on Wednesday following reports that the US services sector grew in February.
Positive manufacturing data from the U.S. and rising unemployment in Europe pushed the euro to an 11-week low against the dollar.
The dollar edged higher Tuesday against the euro after Ben Bernanke confirmed the US Fed’s stimulus program would continue, while the yen traded flat ahead of the nomination of a new Bank of Japan chief.
The International Monetary Fund has urged Philippine monetary authorities to allow the peso to appreciate with the expected increase in the inflow of dollars this year and avoid measures to reverse market trend.
The dollar rose against most other major currencies Friday after China’s economy showed signs of rebounding.
Oil prices rose on Tuesday as the dollar weakened against the euro, boosting demand for crude as investors looked ahead to the start of the latest corporate earnings season, analysts said.
