Dollar stable ahead of earnings, data

TOKYO - The dollar was steady in Asian trade on Monday as investors waited to see whether a flood of economic and corporate earnings reports due this week will point to an upturn in the global economy.

By (AFP)

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Published: Mon 27 Jul 2009, 11:45 AM

Last updated: Thu 2 Apr 2015, 8:30 AM

The dollar was at 94.83 yen in Tokyo morning trade, unchanged from its level in New York late Friday. The euro edged up to 1.4212 dollars from 1.4206 while holding steady at 134.77 yen.

The recent rebound in global share prices has reduced the appeal of the safe haven greenback, said Hachijuni Bank forex strategist Yoshifumi Suzuki.

“Investors are snapping up risky assets” on hopes of positive economic and corporate earnings news, he added.

In Japan, corporate heavyweights including Nissan, Honda, Hitachi, Toshiba and Sony will release quarterly results this week. Reports on factory output, unemployment, inflation and retail sales are also expected.

In the United States, investors will focus on the Federal Reserve’s Beige Book survey of economic conditions as well as second-quarter gross domestic product (GDP) figures.

Analysts widely expect the pace of contraction in the US economy to have slowed to an annualised 1.5 percent as the recession eases.

Positive market sentiment was supported by eurozone data late last week that appeared to signal an moderation in the pace of the region’s economic downturn.

Surveys showed that activity in the eurozone manufacturing and service sectors rose to the highest level since September 2008 while the mood among German firms improved for a fourth straight month.

The figures added to the view that the global economy “is in repair,” NAB Capital strategist Loretta Damaso wrote in a note to clients.

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