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U.S. dollar edges up in Asia ahead of economic reports

U.S. dollar edges up in Asia ahead of economic reports

The U.S. dollar edged up against the euro and the yen in Asian trade yesterday as investors waited on the sidelines ahead of a series of key economic reports and a central bank meeting in Europe.
The dollar rose to 95.45 yen in Tokyo afternoon trade from 95.22 in New York late Friday. The euro fell to 1.4026 dollars from 1.4064 and to 133.88 yen from 133.95.
Investors were waiting for data due this week, with the focus on a U.S. jobs report that will give a clearer picture of recovery prospects for the world's largest economy, said Hachijuni Bank forex strategist Yoshifumi Suzuki.
While the pace of job losses in the United States appears to have slowed recently, the unemployment rate hit a 26-year high of 9.4 percent in May.
The European Central Bank is expected to keep its lending rate unchanged at one percent when it meets Thursday, despite calls by the organization for Economic Cooperation and Development to lower its main rate to close to zero.
Market players were also looking ahead to a closely watched survey of Japanese business confidence due out on Wednesday.
The Bank of Japan's quarterly "Tankan" survey is expected to show an improvement in sentiment among Japan's major manufacturers from a record low the previous quarter, helping to underpin improving investor confidence.
Government numbers released yesterday showed that Japanese industrial output rose by 5.9 percent in May from the previous month, matching the previous month's growth, which was the fastest in half a century.
The data "underscores the view that the Japanese economy hit bottom in the April-June quarter," said Suzuki.
Against Asian currencies, the U.S. dollar fell to 1,287.55 South Korean won, down from 1,288.25 on Friday and to 47.75 Philippine pesos from 48.31.
It rose to 10,259 Indonesian rupiah from 10,200 while holding steady at 1.4548 Singapore dollars, NT$32.93 and 34.08 Thai baht.


Updated : 2021-03-08 11:30 GMT+08:00