Asian currencies mixed against dollar

Key Asian currencies ended the week mixed against the dollar following US earnings reports in line with expectations amid the global credit crunch.
JAPANESE YEN: The yen fell back against the dollar as quarterly earnings reports by US financial institutions during the week came within market expectations amid the global subprime credit market turmoil.
The Japanese unit stood at 102.46-49 to the dollar at the end of daytime trading in Tokyo on Friday, down from 101.80-82 to the dollar a week earlier. It touched the week's low of 102.57 to the dollar earlier in the day.
The yen slipped back after hitting a two-week high of 100.45 to the dollar on Monday when investors were disappointed by a weekend meeting of world finance chiefs, which showed growing concern about the dollar's recent slide.
US banking heavyweight Merrill Lynch announced on Thursday a first-quarter loss of 1.96 billion dollars due to nine billion dollars in mortgage-related write-downs. But market reaction was tempered.
The greenback also gained ground abroad within hours of Citigroup reporting first-quarter revenue that exceeded analysts' estimates, despite a net loss of 5.1 billion dollars, including six billion dollars in write-downs related to subprime mortgages.
"The dollar was supported by a sense of optimism among investors," Kenichi Yumoto, vice president of forex sales at Societe Generale, said before the Citigroup report was announced. "The proportion of traders who feel that the credit crunch may be bottoming out is increasing."
Bank of America strategist Tomoko Fujii said: "Investors want to confirm if the worst of the credit crisis is over or not." "In financial markets next week, players will focus on whether the pessimism over the global credit unrest and economy will continue to be revised," the economic journal Nikkei said in its Internet edition.
AUSTRALIAN DOLLAR: The Australian dollar is expected to face a volatile week ahead as markets await inflation data that is likely to set the tone for the Reserve Bank's approach to interest rates, dealers said.
The Australian dollar was trading at 93.81 US cents at 5:00 pm (0600 GMT) Friday, well up on the previous week's 91.13 US cents, ANZ senior markets economist Katie Dean said quarterly inflation figures due out Wednesday were likely to show prices rose 0.9 percent for the quarter, or 4.1 percent year-on-year. "With the inflation data due, we are preparing for a volatile week for the Australian dollar coming up," she said. She said the currency could establish a new, higher, range of 92.50 to 95.0 US cents.
NEW ZEALAND DOLLAR: The New Zealand dollar ended the week at 79.10 US cents, down from 79.91 US cents the previous Friday. Dealers said investors were caught between a returning enthusiasm for higher yielding currencies such as the New Zealand dollar on one hand and the darkening picture for the local economy on the other.
Bank of New Zealand currency strategist Danica Hampton said an increasing number of market participants were talking about a recession, which had encouraged the selling of the New Zealand dollar.
The slowing economy means New Zealand interest rates could be cut by the end of the year, although no economists expect the official rate to be lowered in a review by the central bank next week.
CHINESE YUAN: The yuan closed at 6.9931 to the dollar Friday on the exchange-traded market, compared with Thursday's close of 6.9835, and a closing price of 7.0034 to the dollar last Friday.
On the over-the-counter market, it ended at 6.9935 to the dollar against 6.9838 the previous day.
The central bank had set the yuan central parity rate at 7.0006 to the dollar Friday, compared with 6.9895 on Thursday.
The People's Bank of China allows a trading band of 0.5 percent on either side of the midpoint.
HONG KONG DOLLAR: The US-pegged Hong Kong unit was trading at 7.793 to the dollar from 7.788 a week earlier.
INDONESIAN RUPIAH: The rupiah ended the week's trading at 9,190/9,195 to the dollar compared with 9,178/9,188 to the dollar a week earlier.
PHILIPPINES PESO: The Philippines peso fell to 41.910 to the dollar on Friday afternoon from 41.595 on April 11.
SINGAPORE DOLLAR: The dollar was at 1.3516 Singapore dollars from 1.3578 the previous week.
SOUTH KOREAN WON: The won fell to 1,000.7 per dollar Friday, down 2.6 percent from a week earlier, reflecting lingering concerns over the global credit crisis, high oil prices and the country's slow economy.
Offshore players cut their won positions and foreign shareholders kept selling the local stocks, driving the South Korean won down. It marked the first time since March 21 that the won fell below 1,000 won.
Strategy and Finance Minister Kang Man-Soo said the economy could lose its expansion momentum in quarters to come, impeding the government's growth target of six percent.
Last week central bank governor Lee Seong-Tae warned growth this year could be slower than his earlier forecast of 4.7 percent.
TAIWAN DOLLAR: The Taiwan dollar rose 0.12 percent in the week to April 18 to close at 30.284 against the US dollar. The local currency closed at 30.319 a week ago.
THAI BAHT: The Thai baht rose against the dollar this week but trading was thin throughout the three-day trading week, with markets closed Monday and Tuesday for a holiday, dealers said. The Thai baht closed Friday at 31.42-45 baht to one dollar compared with last week's close of 31.58-60.