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July 26, 2017

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Dollar mixed in Asia ahead of Fed meeting minutes' release

TOKYO--The dollar was mixed in Asia on Wednesday as investors await the release of minutes from the Federal Reserve's most recent meeting to see if it plans to continue winding down its stimulus program.

The greenback fetched 105.03 yen in late afternoon Tokyo trade, rising from 104.69 yen in New York on Tuesday.

The euro gained to US$1.3620 from US$1.3614 while it rose to 143.03 yen from 142.53 yen.

The Fed will later in the day release the minutes from its December meeting, when it said it would reduce its stimulus program by US$10 billion a month to US$75 billion from January. Analysts will be looking to see if there are any clues about its plans for the scheme this year following a string of upbeat data on the economy.

Traders were buoyed by news Tuesday that the U.S. trade deficit had shrunk in November as exports surged.

On Friday the Labor Department will release closely watched non-farm payrolls figures, which will provide fresh insight into the state of the economy

An upbeat jobs report "will boost confidence in a further taper from the Fed when they meet on January 29," National Australia Bank said.

The European Central Bank holds a policy meeting this week and the latest figures have stoked speculation of further monetary easing to counter any slowdown in the 17-nation bloc.

The greenback was mostly weaker against other Asia-Pacific currencies Wednesday.

It edged down to 1,064.54 South Korean won from 1,068.92 won on Tuesday, to 12,245 Indonesian rupiah from 12,260 rupiah, to 62.23 Indian rupees from 62.35 rupees, and to 33.07 Thai baht from 33.12 baht.

The greenback firmed to SG$1.2705 from SG$1.2695 while it was unchanged at 44.73 Philippine pesos.

The Australian dollar eased to 89.28 U.S. cents from 89.29 cents, while the Chinese yuan bought 17.33 yen against 17.26 yen.

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