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May 28, 2017

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US dollar dips after predictions rally Wall Street

TOKYO -- The dollar edged lower against the yen in Asia Thursday after surging to a near four-month high in U.S. trade in response to forecast-beating U.S. economic growth data.

In afternoon trade in Tokyo the greenback bought 102.78 yen, compared with 102.81 yen late in New York but still well up from the 102.11 yen earlier in Japan.

It had surged to 103.09 yen in New York — its strongest since early April — after the Commerce Department said the U.S. economy grew 4.0 percent in the second quarter, much more than the 3.0 percent predicted.

That was also a sharp rebound from the 2.1 percent contraction in the previous three months that was caused by a severe winter.

The euro bought US$1.3394 in Tokyo afternoon trade, compared with US$1.3395 in New York where it hit a new eight-month low of US$1.3367.

The single currency also fetched 137.67 yen on Thursday against 137.73 yen in U.S. trade.

The Federal Reserve said following its latest policy meeting that while the economy was strengthening, there were still concerns about the jobs market and it would keep interest rates low for as long as needed.

Investors seemed little concerned after talks between Argentina and the U.S. hedge funds it has branded "vultures" failed to reach agreement Wednesday on a debt repayment, effectively pushing the country into default.

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

It firmed to 31.98 Thai baht from 31.87 baht on Wednesday, to 60.21 Indian rupees from 60.17 rupees, to 43.42 Philippine pesos from 43.40 pesos and to SG$1.2456 from SG$1.2426.

The dollar also strengthened to 1,026.10 South Korean won 1,023.00 won.

It weakened to 11,575.00 Indonesian rupiah and 11,577.50 rupiah.

The Australian dollar slipped to 93.24 U.S. cents from 93.83 U.S. cents, while the Chinese yuan edged up to 16.65 yen from 16.50 yen.

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