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May 26, 2017

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Yen slips in Asia amid Crimea tensions

TOKYO--The dollar and euro rose against the yen in Asia Tuesday as investors took in their stride Crimea's vote to leave Ukraine and join Russia as the West announce sanctions against Moscow officials.

The greenback fetched 101.82 in Tokyo afternoon trade, up from 101.68 yen in New York Monday.

The euro also rose to 141.87 yen from 141.58 yen in U.S. trade, and US$1.3931 from US$1.3921, despite weak eurozone inflation data.

The yen, a low-risk and safe resort in times of uncertainty, surged last week ahead of Sunday's referendum. But analysts said the outcome was widely expected and dealers were turning to economic matters closer to home.

With the dollar gaining broadly, and U.S. stocks and bond yields rising, "sentiment is turning to a risk-on mode," he told Dow Jones Newswires.

U.S. traders were buoyed by data showing industrial output increased more than expected in February, adding to a growing feeling that the world's number one economy is on a recovery track.

The euro's rise came despite eurozone February inflation coming in at 0.7 percent, lower than an initial estimate of 0.8 percent, adding to concerns of deflation in the 18-member bloc.

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

It weakened to 60.92 Indian rupees from 61.19 rupees on Monday, to 44.64 Philippine pesos from 44.67 pesos, and to 1,067.83 South Korean won from 1,068.45 won.

The greenback also slipped to SG$1.2647 from SG$1.2651 and to 32.16 Thai baht from 32.24 baht, while it edged up to 11,282.30 Indonesian rupiah from 11,267.50 rupiah.

The Australian dollar rose to 90.81 U.S. cents from 90.54 U.S. cents.

The Chinese yuan continued to fall after Beijing at the weekend widened the currency's trading band, with the dollar buying 6.1883 yuan against 6.1558 on Monday.

Against the Japanese currency the yuan fetched 16.43 yen from 16.49 yen.

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