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Dollar weaker in Asia
TOKYO - The dollar lost ground in Asian trade Thursday as investors took a cautious stance ahead of another batch of US economic data.
The US currency fell to 91.39 yen in Tokyo morning trade from 91.60 in New York late Wednesday. The euro rose to 1.4344 dollars from 1.4334 but dropped to 131.05 yen from 131.32.
The dollar may get a boost in thin pre-Christmas holiday trade if US economic data due out later in the day are better than expected, market watchers said.
“A steep gain in the dollar is possible amid thin market flows as many players are on Christmas holidays,” Mizuho Corporate Bank analyst Yosuke Takahashi told Dow Jones Newswires.
Orders for US durable goods were estimated to have risen 0.5 percent in November after contracting by 0.6 percent in October, analysts said.
Dealers were also waiting for a report on weekly claims for jobless benefits in the United States, looking for clues on when the labour market will start to improve.
President Barack Obama on Wednesday said he was “dissatisfied” with the US jobless rate, which fell in November to 10.0 percent, down from a 23-year high of 10.2 percent in October.
New US home sales and consumer spending data this week disappointed traders hoping for a strong economic recovery and cooled speculation about an earlier-than-expected interest rate rise by the US Federal Reserve.
Against Asian currencies, the dollar fell to 1.4074 Singapore dollars from 1.4112 a day earlier, to 1,177.50 South Korean won from 1,183.60, to 9,485 Indonesian rupiah from 9,508 and to 32.26 Taiwan dollars from 32.35.
The greenback rose to 33.36 Thai baht from 33.30 while holding steady at 46.51 Philippine pesos.
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