Updated Friday, April 16, 2010 10:58 am TWN, AFP
Dollar rises in Asia trade on robust U.S. economic data
TOKYO/LONDON -- The dollar rose in Asian trade Thursday on the back of robust economic data from the United States, while China's surging economy in the first quarter raised expectations of a yuan revaluation.
The dollar firmed to 93.36 yen in Tokyo afternoon trade from 93.24 in New York late Wednesday. The euro dipped to 1.3640 dollars from 1.3656 but edged up to 127.37 yen from 127.33.
Stronger-than-expected U.S. March retail sales data released overnight lifted the dollar, supporting views that consumer spending will boost growth in the first quarter of the year, Credit Agricole CIB analysts said in a client note.
The greenback will be supported by a positive tone in markets with the release of March factory data later Thursday expected to show a 0.6 percent gain and strengthen the outlook for a sustainable recovery in the U.S. economy.
In regional trade the dollar fell to 31.36 Taiwan dollars from 31.44, to 44.32 Philippine pesos from 44.51, to 1,108.40 South Korean won from 1,113.40 and to 9,007 Indonesian rupiah from 9,008. The greenback was stable at 32.25 Thai baht and at 1.3730 Singapore dollars.
Meanwhile, the dollar rose against the euro on Thursday on the back of robust economic data from the United States and renewed concerns over the Greek debt crisis, dealers said.
The European single currency fell to 1.3573 dollars in London trade from 1.3656 dollars in New York late on Wednesday. Against the Japanese currency, the dollar slipped to 92.92 yen from 93.24 yen on Wednesday.
In London trade on Thursday, the euro was at 1.3573 dollars against 1.3656 dollars on Wednesday, at 126.12 yen (127.33), 0.8776 pounds (0.8826) and 1.4341 Swiss francs (1.4361).
The dollar stood at 92.92 yen (93.24) and 1.0567 Swiss francs (1.0515). The pound was at 1.5466 dollars (1.5468).
China said Wednesday that first-quarter growth expanded 11.9 percent year on year, the fastest pace since the global financial crisis.
Dealers said the data underlined evidence of an overheating economy and highlighted the need for fast action to curb inflation threats.
The data fuelled “greater expectations of an imminent yuan revaluation as well as monetary tightening” in order to take the froth out of the economy, Credit Agricole CIB analysts said.
Asian currencies are likely to bounce from a yuan revaluation as well as from anticipation that other Asian central banks are moving to tighten their monetary policies, unlike their counterparts in advanced economies.
Singapore on Wednesday revalued its currency -- the city-state's principal monetary tool -- prompting speculation that China and South Korea may be next in line.
Dollar rises in Asia trade on robust U.S. economic data
TOKYO/LONDON -- The dollar rose in Asian trade Thursday on the back of robust economic data from the United States, while China's surging economy in the first quarter raised expectations of a yuan revaluation.
The dollar firmed to 93.36 yen in Tokyo afternoon trade from 93.24 in New York late Wednesday. The euro dipped to 1.3640 dollars from 1.3656 but edged up to 127.37 yen from 127.33.
Stronger-than-expected U.S. March retail sales data released overnight lifted the dollar, supporting views that consumer spending will boost growth in the first quarter of the year, Credit Agricole CIB analysts said in a client note.
The greenback will be supported by a positive tone in markets with the release of March factory data later Thursday expected to show a 0.6 percent gain and strengthen the outlook for a sustainable recovery in the U.S. economy.
In regional trade the dollar fell to 31.36 Taiwan dollars from 31.44, to 44.32 Philippine pesos from 44.51, to 1,108.40 South Korean won from 1,113.40 and to 9,007 Indonesian rupiah from 9,008. The greenback was stable at 32.25 Thai baht and at 1.3730 Singapore dollars.
Meanwhile, the dollar rose against the euro on Thursday on the back of robust economic data from the United States and renewed concerns over the Greek debt crisis, dealers said.
The European single currency fell to 1.3573 dollars in London trade from 1.3656 dollars in New York late on Wednesday. Against the Japanese currency, the dollar slipped to 92.92 yen from 93.24 yen on Wednesday.
In London trade on Thursday, the euro was at 1.3573 dollars against 1.3656 dollars on Wednesday, at 126.12 yen (127.33), 0.8776 pounds (0.8826) and 1.4341 Swiss francs (1.4361).
The dollar stood at 92.92 yen (93.24) and 1.0567 Swiss francs (1.0515). The pound was at 1.5466 dollars (1.5468).
China said Wednesday that first-quarter growth expanded 11.9 percent year on year, the fastest pace since the global financial crisis.
Dealers said the data underlined evidence of an overheating economy and highlighted the need for fast action to curb inflation threats.
The data fuelled “greater expectations of an imminent yuan revaluation as well as monetary tightening” in order to take the froth out of the economy, Credit Agricole CIB analysts said.
Asian currencies are likely to bounce from a yuan revaluation as well as from anticipation that other Asian central banks are moving to tighten their monetary policies, unlike their counterparts in advanced economies.
Singapore on Wednesday revalued its currency -- the city-state's principal monetary tool -- prompting speculation that China and South Korea may be next in line.