Updated Saturday, August 28, 2010 10:53 pm TWN, AFP
Dollar rises before US growth data
LONDON -- The dollar rose against the euro and yen on Friday as the market awaited data expected to reveal a sharp slowdown in the U.S. economy.
In London trade, the euro fell to US$1.2713 from US$1.2720 in New York late on Thursday.
Against the Japanese currency, the dollar climbed to 84.69 yen from 84.37 yen on Thursday.
Sterling was lower despite official data showing the British economy growing at its fastest pace in nine years during the second quarter.
In London trade on Friday, the euro changed hands at US$1.2713 against US$1.2720 on Thursday, at 107.67 yen (107.36), 0.8193 pounds (0.8188) and 1.3009 Swiss francs (1.3025).
The dollar stood at 84.69 yen (84.37) and 1.0233 Swiss francs (1.0233).
The pound was at US$1.5516 (US$1.5529).
On the London Bullion Market, the price of gold dipped to US$1,236.40 an ounce from US$1,237 an ounce on Thursday.
The dollar was mixed against other Asian units. It rose to 1,195.20 South Korean won from 1,191.20 Thursday, to 45.23 Philippine pesos from 45.12, and to 8,985.00 Indonesian rupiah from 8,975.00. It fell to SG$1.3546 from SG$1.3551 and to 31.30 Thai baht from 31.43. It was unchanged at NT$32.01.
Later Friday, the U.S. government is expected to revise down gross domestic product (GDP) growth in the second quarter to 1.4 percent from the initial 2.4 percent estimate.
At the same time, U.S. Federal Reserve Chairman Ben Bernanke is scheduled to give a much-anticipated speech on the economy, with the market expecting him to touch on efforts to prevent a return to recession.
“The market is watching how he phrases (his remarks on) the current state of the economy ... It would trigger bond buying and dollar selling if he suggests additional monetary easing,” said Toshihiko Sakai, senior dealer at Mitsubishi UFJ Trust and Banking.
Meanwhile the dollar firmed against the yen amid increasing signs the Japanese authorities will soon take action to counter their currency's rapid appreciation.
Dollar rises before US growth data
LONDON -- The dollar rose against the euro and yen on Friday as the market awaited data expected to reveal a sharp slowdown in the U.S. economy.
In London trade, the euro fell to US$1.2713 from US$1.2720 in New York late on Thursday.
Against the Japanese currency, the dollar climbed to 84.69 yen from 84.37 yen on Thursday.
Sterling was lower despite official data showing the British economy growing at its fastest pace in nine years during the second quarter.
In London trade on Friday, the euro changed hands at US$1.2713 against US$1.2720 on Thursday, at 107.67 yen (107.36), 0.8193 pounds (0.8188) and 1.3009 Swiss francs (1.3025).
The dollar stood at 84.69 yen (84.37) and 1.0233 Swiss francs (1.0233).
The pound was at US$1.5516 (US$1.5529).
On the London Bullion Market, the price of gold dipped to US$1,236.40 an ounce from US$1,237 an ounce on Thursday.
The dollar was mixed against other Asian units. It rose to 1,195.20 South Korean won from 1,191.20 Thursday, to 45.23 Philippine pesos from 45.12, and to 8,985.00 Indonesian rupiah from 8,975.00. It fell to SG$1.3546 from SG$1.3551 and to 31.30 Thai baht from 31.43. It was unchanged at NT$32.01.
Later Friday, the U.S. government is expected to revise down gross domestic product (GDP) growth in the second quarter to 1.4 percent from the initial 2.4 percent estimate.
At the same time, U.S. Federal Reserve Chairman Ben Bernanke is scheduled to give a much-anticipated speech on the economy, with the market expecting him to touch on efforts to prevent a return to recession.
“The market is watching how he phrases (his remarks on) the current state of the economy ... It would trigger bond buying and dollar selling if he suggests additional monetary easing,” said Toshihiko Sakai, senior dealer at Mitsubishi UFJ Trust and Banking.
Meanwhile the dollar firmed against the yen amid increasing signs the Japanese authorities will soon take action to counter their currency's rapid appreciation.