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Dollar up against yen in Asia on importer buying

Dollar up against yen in Asia on importer buying

The dollar rose against the yen in Asia Monday as Japanese importers purchased the greenback to settle payments.
The U.S. dollar was trading at 107.42 yen at 2:50 p.m. (0550 GMT) Monday, up from 106.93 yen late Friday in New York. The euro fell to US$1.4812 from US$1.4825.
With the outlook for the American economy still uncertain, dealers expect some currency players to sell the greenback this week should U.S. economic indicators slated for release over the next few days come in weak.
Some Tokyo traders say these players have almost given up lifting the U.S. unit at least in the near-term after they were blocked by large dollar-selling orders of Japanese exporters last week.
"The dollar will go on the block this week," said Masashi Matsuzawa, a senior dealer at Mizuho Corporate Bank.
U.S. data due this week include home sales for January on Monday, consumer confidence for February on Tuesday and January durable goods orders on Wednesday.
Federal Reserve Chairman Ben Bernanke is also scheduled to testify before Congress on Wednesday and Thursday.
Month-end regular selling by Japanese exporters and speculation that redemption of the dollar-denominated assets this week is also expected to keep the dollar soft on the downside, said Yuji Saito, head of FX at Societe Generale.
The dollar was mostly lower against other Asian currencies, falling to 947.4 South Korean won from 948.6 and to 31.264 Taiwan dollars from 31.382. It rose to 40.625 Philippine pesos from 40.275.


Updated : 2021-10-18 22:28 GMT+08:00