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September 25, 2017

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Greenback loses gound in Asia trade

TOKYO -- The dollar was under pressure in Asia Friday following a disappointing batch of data out of the United States and eurozone that led investors out of high-risk assets.

In afternoon Tokyo trading, the greenback fetched 101.46 yen, down from 101.57 yen in New York and 101.83 yen in Tokyo earlier Thursday.

The euro bought US$1.3715 and 139.19 yen compared with US$1.3711 and 139.26 yen.

In other trading, the Indian rupee gained more than one percent as the nation's stock market jumped to a record high.

The dollar bought 58.69 Indian rupees Friday afternoon, down from 59.50 rupees on Thursday, as election results indicated Hindu nationalist party leader Narendra Modi was set to become the country's next prime minister.

In the eurozone, gross domestic product (GDP) across the 18-nation group expanded just 0.2 percent in January-March, data agency Eurostat said, half the 0.4 percent that had been forecast.

Italy, the third-biggest economy in the bloc, shrank 0.1 percent in that period, while Portugal, which is about to emerge from a bailout, contracted 0.7 percent.

Separately Eurostat confirmed eurozone inflation rose to 0.7 percent in April, up from the 0.5 percent reported in March but still well off the European Central Bank's 2.0 percent target.

While there was a bright spot with Germany seeing growth double to 0.8 percent, the data add to expectations the European Central Bank (ECB) will ease monetary policy conditions to kick-start growth in the region and soothe fears of deflation.

The dollar was mixed against other Asia-Pacific currencies. It weakened to 11,401.80 Indonesian rupiah from 11,446.80 rupiah, and to 1,025.16 South Korean won from 1,026.44 won.

The U.S. unit rose to SG$1.2520 from SG$1.2509, to 43.75 Philippine pesos from 43.70 pesos and to 32.48 Thai baht from 32.45 baht.

The Australian dollar weakened to 93.53 U.S. cents from 93.72 cents while the Chinese yuan slipped to 16.26 yen from 16.30 yen.

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