US dollar under pressure in Asian trading
AFPTOKYO, Japan--The dollar was under pressure on Wednesday after a weaker-than-expected U.S. retail sales report, while euro trading focused on fresh eurozone economic growth data due later in the day.
August 15, 2013, 12:07 am TWN
In afternoon Tokyo trade, the greenback changed hands at 98.14 yen, slipping from 98.22 in New York Tuesday afternoon.
The euro was at US$1.3259 and 130.16 yen, weakening from US$1.3262 and 130.26 yen in U.S. trading.
Dealers said there were few immediate cues to move the dollar-yen pair as markets look for more clues as to when the U.S. Federal Reserve will start rolling back its huge monetary easing plan.
Such a move that would be positive for the U.S. unit by reducing the number of dollars in the financial system, boosting demand.
However, Tuesday's release of U.S. retail sales showing a modest rise of 0.2 percent in July, shy of forecasts, raised questions about the timeline for any draw down on the Fed stimulus.
Trading in the Tokyo market was also thin with many market players taking the week off during Japan's summer Obon holiday.
Dollar-yen trading and the local stock market are intertwined as the value of the yen is closely linked to the profitability of the Japanese exporters.
The euro, meanwhile, was steady after fresh data supplied more evidence the crisis-hit eurozone could be exiting recession.
The dollar strengthened against other Asia-Pacific currencies.
It firmed to 43.81 Philippine pesos from 43.72 pesos the previous day, to 1,118.95 South Korean won from 1,116.45 won and to SG$1.2680 from SG$1.2629.
The greenback also strengthened to 61.46 Indian rupees from 61.42 rupees, to 31.30 Thai baht from 31.23 baht and to 10,313 Indonesian rupiah from 10,308 rupiah.
The Australian dollar slipped to 91.02 US cents from 91.32 cents.
The Chinese yuan fetched 16.01 yen from 15.92 yen.