Dollar edges up in Asia on Street boom
May 14, 2014, 12:08 am TWN
TOKYO--The dollar edged up against the yen in Asia Tuesday following a record close on Wall Street, while investors await the release of key economic data from around the globe.
The greenback was at 102.27 yen in Tokyo afternoon trade, up from 102.09 yen in New York Monday afternoon, while the euro bought US$1.3759 and 140.73 yen, compared with US$1.3758 and 140.50 yen in U.S. trade.
Dealers were in an upbeat mood after the Dow and S&P 500 in New York finished at record highs, while the Nasdaq also surged, thanks to a pick-up in technology shares.
The single currency has been under pressure since last week when European Central Bank chief Mario Draghi said he was ready to ease monetary policy soon as the currency bloc suffers from continuing weak inflation.
Market-watchers suggested the ECB would now likely be forced to act at next month's policy meeting or risk losing its credibility with the markets.
Eyes are now on the release of a string of crucial indicators to be unveiled later in the day, starting with Chinese industrial production, retail sales and industrial output.
That will be followed by the ZEW monthly indicator of German economic sentiment and U.S. retail sales for April.
The dollar was largely higher against other Asia-Pacific currencies on Tuesday afternoon.
The greenback firmed to SG$1.2522 from SG$1.2495 and to 43.79 Philippine pesos from 43.76 pesos.
It also rose to 11,530 Indonesian rupiah from 11,523 rupiah, but was flat at 32.61 Thai baht.
The U.S. unit slipped to 1,022.93 South Korean won from 1,024.70 won.
The Australian dollar inched down to 93.55 U.S. cents from 93.60 cents while the Chinese yuan firmed to 16.36 yen from 16.33 yen.