Dollar range bound in Asia
US Currency. AP FILE PHOTO
TOKYO – The dollar was range bound against other major currencies in Asian trade Monday as investors awaited key US economic data due later this week for clues about the state of the world’s largest economy.
The dollar stood at 102.27 yen in afternoon Tokyo trade, down from 102.49 yen in New York Friday.
The euro bought $1.3737 and 140.43 yen, compared with $1.3734 and 141.00 yen in New York.
“Since we don’t have any major market-moving indicators lined up today, I think the pair will be stuck in this box range,” said Junichi Ishikawa, market analyst at IG Securities in Tokyo.
The dollar could move toward a 102.80 yen resistance, depending on the performance of Tokyo shares, he added.
Article continues after this advertisement“If risk appetite pushes share prices higher, the pair could test this level,” he told Dow Jones Newswires.
Article continues after this advertisementTokyo stocks only edged up 0.10 percent by the afternoon as traders shrugged off G20’s commitment at the weekend to boost global growth by $2 trillion over five years.
Investors also awaited a string of major US and Japanese economic indicators to be released later this week.
Eyes are trained on US housing, consumer confidence and growth figures to gauge the state of the US economy following sub-zero winter temperatures in many parts of the country.
US February consumer confidence figures are due to be released on Tuesday, followed by data showing durable goods orders and initial jobless claims on Thursday and the final estimate for fourth-quarter US GDP growth on Friday.
Japan will also publish a string of data, including key inflation figures, on Friday.
The dollar was mixed against other Asia-Pacific currencies.
It weakened to 44.63 Philippine pesos from 44.65 pesos on Friday, to 11,706 Indonesian rupiah from 11,795 rupiah and to 62.10 Indian rupees from 62.15 rupees.
The greenback rose to 32.58 Thai baht from 32.54 baht, to 1,076.25 South Korean won from 1,072.09 won and to Sg$1.2672 from Sg$1.2658.
The Australian dollar fell to 89.64 US cents from 90.07 cents, while the Chinese yuan fetched 16.77 yen against 16.80 yen.
