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U.S. dollar gains slightly in Asian trade

U.S. dollar gains slightly in Asian trade

The U.S. dollar rose slightly in thin Asian trade yesterday on hopes for a swift recovery in the U.S. economy, although many players were away for year-end holidays, dealers said.
The U.S. dollar gained to 91.72 yen in Tokyo afternoon trade from 91.62 in New York late on Monday. The euro slipped to US$1.4373 from US$1.4376 but rose to 131.80 yen from 131.76.
"Expectations of an economic recovery in the United States continued to sustain underlying support for the U.S. dollar," said Yosuke Hosokawa, head of forex at Chuo Mitsui Trust Bank.
"The market has reacted positively to recent U.S. economic data, including job figures," Hosokawa said.
U.S. data issued last week showed that weekly claims for jobless benefits dropped to the lowest level since September 2008.
That followed a dramatic improvement in the U.S. labour market in November, when job losses narrowed to 11,000 and the unemployment rate dipped to 10.0 percent, according to official data released earlier this month.
Against Asian currencies, the U.S. dollar rose to 1.4071 Singapore dollars from 1.4063 on Monday, to NT$32.29 from NT$32.25, to 1,171.90 South Korean won from 1,169.80 and to 46.53 Philippine pesos from 46.40.
But the greenback fell to 9,455 Indonesian rupiah from 9,490 and to 33.37 Thai baht from 33.38.


Updated : 2021-01-19 19:41 GMT+08:00