Asian currencies ended the week mixed against the dollar as worries about the US economy persisted and after finance chiefs from the Group of Seven (G7) major industrialised nations met in Japan.
JAPANESE YEN: The yen edged downward during the week as the Japanese currency is still under pressure on its super low interest rates and concerns about a potential slowdown in the world's second largest economy, dealers said. But they said the selling pressure was offset by the dollar's weakness amid worries about the impact of a US mortgage crisis on its economic growth. The Japanese currency changed hands at 107.37 to the dollar late Friday, compared with 106.34 a week earlier.
"There is no reason to buy the weak yen," Hachijuni Bank dealer Yuya Koike said, pointing to Japan's rock-bottom interest rates and faltering economy as negative factors for the currency. But he said worries about slowing US economic growth were also weighing on the dollar against the yen and other major currencies.
Currency traders largely discounted worse-than-expected machinery orders data for Japan which showed a 3.2 percent drop in December, much sharper than the 0.8 percent drop expected by the market. The yen moved narrowly on Friday as currency players were waiting for the weekend's meeting of the Group of Seven richest nations amid signs of trans-Atlantic friction over how to respond to recent market mayhem.
Washington's calls for other major economies to boost domestic demand seem set to fall on deaf ears as Japan and European nations are loath to worsen their public finances to tackle what they see as largely a US-made crisis.
AUSTRALIAN DOLLAR: The Australian dollar is expected to remain rangebound next week as worries about global growth cancel out the positive impact the country's high interest rates have on the currency, dealers said.
At 5:00pm (0600 GMT) Friday, the Australian dollar was trading at 89.48 US cents, just down on the previous week's 89.57.
The Reserve Bank of Australia on Tuesday raised interest rates by a quarter of a percentage point to a 12-year high of 7.0 percent, widening the rate differential with the United States.
AMP Capital Investors Shane Oliver said the rate rise, and the prospect of more to come, would normally push up the dollar but broader economic concerns were holding it back.
NEW ZEALAND DOLLAR: The New Zealand dollar ended the week at 78.96 US cents slightly up from 78.85 the previous Friday.
The kiwi has been supported by rate expectations for its central bank, said Bank of New Zealand currency strategist Danica Hampton.
The midweek Household Labour Force Survey, which showed continued growth in employment and a record low unemployment added to recent data challenging views that the bank does not need to consider rate cuts.
CHINESE YUAN: The yuan closed at 7.1840 to the US dollar on the over-the-counter (OTC) market Tuesday, compared with 7.1884 Monday and a closing price of 7.1890 to the US dollar on Friday.
On the exchange-traded market it ended at 7.1850 to the dollar, against 7.1990 during the previous session and 7.1830 Friday, according to dealers.
The central bank set the yuan central parity rate at a record 7.1846 to the dollar Tuesday, compared to a midpoint of 7.1923 for the previous trading day.
HONG KONG DOLLAR: The city's currency finished the week at 7.8016 to the US dollar, compared with 7.798 the previous Friday.
INDONESIAN RUPIAH: The rupiah ended the week down, trading at 9,240/9,245 rupiah to the dollar, compared to 9,200/9,210 to the US currency a week earlier.
PHILIPPINES PESO: The Philippine peso fell to 40.65 to the dollar on Friday afternoon from 40.50 on February 1.
SINGAPORE DOLLAR: The dollar was up slightly at 1.4189 Singapore dollars to the greenback on Friday from 1.4166 the previous week.
SOUTH KOREAN WON: The won closed at 941.70 won per dollar Tuesday in a shortened trade of the Lunar New Year holiday week, up from 944.20 won per dollar the previous week.
Shinhan Bank's research arm FSB said South Korean won would continue to strengthen against the greenback due to instability over the US subprime loan crisis amid its fiscal and current account deficits.
The won is expected to trade at an annual average of 912 per dollar this year - 930 won per dollar in the first quarter, 910 in the second, 900 in the third and 908 in the fourth, it said.
TAIWAN DOLLAR: The Taiwan dollar rose 0.52 percent to close at 32.010 against the US dollar against 32.178 a week earlier.
THAI BAHT: The Thai baht moved little against the dollar over the past week but remained at 10-year highs as investors continued to sell the greenback amid growing fears over a US recession, dealers said. The baht closed on Friday at 32.93-94 to the dollar, compared with 32.94-95 a week earlier.
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