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Dollar falls to nearly 3 year low against yen in Asia

Dollar falls to nearly 3 year low against yen in Asia

The dollar dropped to its lowest against the yen in almost three years Friday in Asia after data released in the U.S. overnight reinforced the view that the country may be facing a recession.
The dollar dropped to its lowest level since May 2005, as Asian players sold the greenback.
The dollar was trading at 104.79 yen midafternoon in Tokyo Friday, down from 105.36 yen late Thursday in New York. The euro fell to US$1.5183 from US$1.5229.
Data showed jobless claims increased more than expected in the week ended Feb. 23 while economic growth for the fourth quarter was left unrevised at a low level. Comments from Federal Reserve Chairman Ben Bernanke supporting a weaker dollar added to the selling.
"These data and remarks have underscored the U.S. economy's weakness and doubts about the dollar," said Minoru Shioiri, senior manager of foreign exchange at Mitsubishi UFJ Securities.
The dollar was mixed against other Asian currencies. It rose 0.52 percent against the Philippine peso to 40.480 while dropping 0.17 percent against the Indonesian rupiah to 39.880.


Updated : 2021-06-19 07:08 GMT+08:00