Alexa
  • Directory of Taiwan

Japanese yen turns higher against U.S. dollar in Asian trade

Japanese yen turns higher against U.S. dollar in Asian trade

The yen turned higher against the U.S. dollar in late Asian trade yesterday as the market waited for a flurry of economic reports including a key survey of Japanese business confidence.
The U.S. dollar slipped to 95.84 yen in Tokyo afternoon trade from 96.04 in New York late Monday. The euro climbed to 1.4120 dollars from 1.4088 but was flat at 135.28 yen.
Currency traders were waiting for fresh cues from a string of economic figures in the United States, including housing and consumer data out later in the day, followed by key monthly jobs tomorrow.
In Japan, a key survey of business confidence due to be released today, is expected to show an improvement in sentiment among the country's major manufacturers from a record low the previous quarter.
But it is hard to predict what the impact will on the yen, Yuji Saito, head of forex at Societe Generale in Tokyo, told Dow Jones Newswires.
Positive news could push up shares and spark selling of the safe-haven yen, said Saito.
"But if players focus on the leading indicator portions of the Tankan, which won't be as bright, that could be a drag on share prices, which could help the yen," he said.
The European Central Bank is scheduled to meet today with its policymakers focused on how to support bank lending. The ECB is widely expected to hold its key lending rate steady at an all-time low of 1.0 percent.


Updated : 2021-07-28 03:42 GMT+08:00