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Dollar mostly ticks higher in subdued trading

Dollar mostly ticks higher in subdued trading

The dollar ticked mostly higher in thin trading Friday morning in New York after a U.S. government report showed a slightly improved jobs market.
The dollar rose to 84.21 Japanese yen from 83.90 yen late Thursday, still hovering just above a 15-year low of 83.35 yen from Wednesday.
Japan's government said Friday that second-quarter growth wasn't as weak as first thought, and released details of an $11 billion stimulus package it had announced last month. Analysts had criticized the program as insufficient to counter the rapidly strengthening yen and weakening growth.
The yen has soared against the dollar and other major currencies this summer as a string of weak data in the U.S. raised fears of a double-dip recession in the world's biggest economy. A stronger yen cuts into the profits of Japan's big exporters, undermining its recovery from the recession.
The dollar was also mostly higher against the European currencies Friday. The British pound fell to $1.5385 from $1.5430 and the U.S. currency firmed to 1.0233 Swiss francs from 1.0156 Swiss francs. The euro, used by 16 European countries, edged up to $1.2707 from $1.2700.
A report earlier this week reawakened concerns about the strength of European banks that have invested heavily in the bonds of indebted European countries. More reports came Thursday that Germany's Deutsche Bank AG was considering raising up to (EURO)9 billion in a stock sale. The bank declined to comment.
Talk that Deutsche Bank, one of Europe's largest banks, was weighing a big capital raise came as investors expect that new global banking standards will force banks to maintain higher capital levels.
In other trading Friday, the dollar slipped to 1.0320 Canadian dollars from 1.0332 Canadian dollars. It was also slightly lower versus the Australian and New Zealand dollars and the currencies of developing countries in Asia.
Against a basket of six heavily traded currencies, the dollar rose 0.05 percent.


Updated : 2020-12-02 16:02 GMT+08:00