TOKYO (AFP) - The dollar weakened in
Asian trade Thursday with few trading cues as firms adjust their month-end
forex positions, dealers said, while concerns about global growth hung over
markets.
TOKYO, May 30, 2013 (AFP) - The
dollar weakened in Asian trade Thursday with few trading cues as firms adjust
their month-end forex positions, dealers said, while concerns about global
growth hung over markets.
The greenback had dropped below the 101-yen level in early Tokyo trade as the Nikkei 225 plunged more than three percent -- yen trade and the benchmark stock index are closely interlinked as the value of the Japanese currency directly affects the competitiveness of the country s exporters.
But by midday, the dollar crept back
to 101.07 yen against 101.13 yen in New York late Wednesday.
"No news are behind the move,
just flows," a senior dealer at a major Japanese bank told Dow Jones
Newswires.
"The correlation between
movements in the Nikkei and the dollar/yen appear to be gradually weakening. I
think support at the 100-yen level remains strong."
Japanese firms are major currency
sellers and buyers as part of running their overseas operations with euro trade
also affected by such deals on Thursday, dealers said.
The European single currency gained
to $1.2960 from $1.2942 in US trade, while it strengthened against the Japanese
unit to 131.01 yen from 130.87 yen.
"It is difficult to envisage
EUR/USD strengthening much from current levels, with 1.3030 seen as a strong
resistance level," Credit Agricole said.
Dealers said the outlook on the euro
was largely driven by weak economic conditions in the 17-nation bloc that might
spark more central bank policy moves, which tend to weaken currencies.
Markets are also looking to the US
Federal Reserve for more clues as to whether the central bank will roll back
its monthly bond-buying programme, known as quantitative easing, as upbeat US
economic data boosts the outlook for the world s biggest economy.
However, the Organisation for
Economic Cooperation and Development (OECD) on Wednesday trimmed its world
economic growth forecast for 2013 to 3.1 percent from 3.4 percent.
The OECD also slashed its growth
forecast for the world s most advanced economies, except Japan, but said
growth should pick up later this year.
Dollar weakens in Asian trade today
TOKYO (AFP) - The dollar weakened in
Asian trade Thursday with few trading cues as firms adjust their month-end
forex positions, dealers said, while concerns about global growth hung over
markets.
TOKYO, May 30, 2013 (AFP) - The
dollar weakened in Asian trade Thursday with few trading cues as firms adjust
their month-end forex positions, dealers said, while concerns about global
growth hung over markets.
The greenback had dropped below the 101-yen level in early Tokyo trade as the Nikkei 225 plunged more than three percent -- yen trade and the benchmark stock index are closely interlinked as the value of the Japanese currency directly affects the competitiveness of the country s exporters.
But by midday, the dollar crept back
to 101.07 yen against 101.13 yen in New York late Wednesday.
"No news are behind the move,
just flows," a senior dealer at a major Japanese bank told Dow Jones
Newswires.
"The correlation between
movements in the Nikkei and the dollar/yen appear to be gradually weakening. I
think support at the 100-yen level remains strong."
Japanese firms are major currency
sellers and buyers as part of running their overseas operations with euro trade
also affected by such deals on Thursday, dealers said.
The European single currency gained
to $1.2960 from $1.2942 in US trade, while it strengthened against the Japanese
unit to 131.01 yen from 130.87 yen.
"It is difficult to envisage
EUR/USD strengthening much from current levels, with 1.3030 seen as a strong
resistance level," Credit Agricole said.
Dealers said the outlook on the euro
was largely driven by weak economic conditions in the 17-nation bloc that might
spark more central bank policy moves, which tend to weaken currencies.
Markets are also looking to the US
Federal Reserve for more clues as to whether the central bank will roll back
its monthly bond-buying programme, known as quantitative easing, as upbeat US
economic data boosts the outlook for the world s biggest economy.
However, the Organisation for
Economic Cooperation and Development (OECD) on Wednesday trimmed its world
economic growth forecast for 2013 to 3.1 percent from 3.4 percent.
The OECD also slashed its growth
forecast for the world s most advanced economies, except Japan, but said
growth should pick up later this year.
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