Dollar mixed in Asia amid corporate worries
The dollar lost ground against the euro but gained on the yen in Asian trade as traders focused on the deteriorating health of the global economy.
By Agencies |
TOKYO: The dollar lost ground against the euro but gained on the yen in Asian trade on Wednesday as traders focused on the deteriorating health of the global economy.
The euro rose to 1.2563 dollars in Tokyo morning trade, from 1.2523 in New York late on Tuesday. The dollar gained to 97.82 yen from 97.60, while the euro rose to 122.55 yen from 122.23.
"We are seeing the rise of the yen taper off for the time being," said Osamu Takashima, chief analyst at the Bank of Tokyo-Mitsubishi UFJ. "But it is not to say the general trend of a strong yen has ended."
The yen has risen sharply in recent months, particularly against high-yielding currencies, as investors unwind risky bets funded with cheap Japanese credit.
The euro had fallen sharply on Tuesday against the greenback as investors sought refuge in the US currency amid deepening fears for the world economy.
Market participants were hoping for positive news from a summit on the financial crisis to be held in Washington at the weekend, although the event itself might not move the market, traders said.
The euro rose to 1.2563 dollars in Tokyo morning trade, from 1.2523 in New York late on Tuesday. The dollar gained to 97.82 yen from 97.60, while the euro rose to 122.55 yen from 122.23.
"We are seeing the rise of the yen taper off for the time being," said Osamu Takashima, chief analyst at the Bank of Tokyo-Mitsubishi UFJ. "But it is not to say the general trend of a strong yen has ended."
The yen has risen sharply in recent months, particularly against high-yielding currencies, as investors unwind risky bets funded with cheap Japanese credit.
The euro had fallen sharply on Tuesday against the greenback as investors sought refuge in the US currency amid deepening fears for the world economy.
Market participants were hoping for positive news from a summit on the financial crisis to be held in Washington at the weekend, although the event itself might not move the market, traders said.
"The summit itself might not solve all the problems in the financial market. But it will be an important meeting and people are looking at it with some hope for a fix for the market," Takashima said.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
