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July 24, 2017

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US dollar up in Asia after Fed report

TOKYO--The U.S. dollar firmed in Asia on Thursday after a Federal Reserve report boosted optimism over the U.S. economy, while investors await a European Central Bank (ECB) policy meeting.

The greenback bought 102.72 yen, against 102.33 yen in New York Wednesday afternoon, with confidence also given support by easing tensions in Ukraine as Russian and Western leaders try to find a way out of the crisis.

The euro slipped to US$1.3724 from US$1.3736 while it rose to 140.97 yen from 140.57 yen.

On Wednesday, the Fed's Beige Book regional survey of the U.S. economy said severe winter weather dented activity in January and early February, but that the outlook in most areas "remained optimistic."

The findings were eagerly awaited by investors as they mine for clues about future reductions in the Fed's stimulus program, which hinges on a firm recovery in the world's biggest economy.

The upbeat Fed report suggested a continued tapering of the scheme, a plus for the dollar.

Calm returned to financial markets Wednesday after Russian President Vladimir Putin played down the prospect of war.

Investors are keeping an eye on the ECB's next policy meeting later in the day as well as Germany factory orders data to see if policymakers will launch further economic-stimulus measures.

The dollar was mostly lower against other Asia-Pacific currencies.

It weakened to 11,545 Indonesian rupiah from 11,573 rupiah, to 61.75 Indian rupees from 61.83 rupees and to 44.70 Philippine pesos from 44.75 pesos.

The greenback also declined to 1,066.45 South Korean won from 1,070.75 won, to 32.30 Thai baht from 32.38 baht, and to SG$1.2676 from SG$1.2708.

The Australian dollar jumped to 90.18 U.S. cents from 89.60 cents Wednesday afternoon in response to robust trade and retail data.

The Chinese yuan bought 16.76 yen against 16.65 yen.

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