Forex - Dollar gains ground in Singapore afternoon trade as FOMC result awaited |
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Wed, 21 Mar 2007 08:45
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SINGAPORE (XFN-ASIA) - The dollar was higher against the yen and euro in quiet afternoon trade here with the Tokyo markets closed for a holiday, as traders await tonight's outcome of the two-day US Federal Open Market Committee meeting, dealers said.At 3.12 pm here (0612 GMT), the dollar was at 117.45, up from 117.24 in Sydney three hours earlier, while the euro was at 1.3303 usd, down from 1.3317 in Sydney.'Without the participation from Tokyo, the forex session in Asia has been indeed monotonous, lacking interest all round,' noted one dealer in Asia.Dealers said market participants were waiting for the FOMC to end its two-day meeting later tonight.The Federal funds rate is expected to remain unchanged at the current level of 5.25 pct, but it is the FOMC's accompanying statement that will be closely scrutinized for any clues to the Fed's policy direction ahead, they said.'The market is hoping for a change in the Fed's bias away from inflation and towards growth concerns,' noted DBS Bank analysts.'No longer can officials say with honesty that are cent indicators have suggested somewhat firmer economic growth.' 'Other than the FOMC rate decision, upcoming data releases that could provide the currency markets some direction include tomorrow's weekly jobless claims, the leading indicator for February, and Friday's existing home sales data, dealers said.Singapore 3.12 pm (0612 GMT) vs Sydney 2.12 pm (0312 GMT)US dollaryen 117.45 up from 117.24sfr 1.2127 up from 1.2117Eurousd 1.3303 down from 1.3317yen 156.36 up from 156.13sfr 1.6144 up from 1.6137stg 0.6778 down from 0.6789Sterlingusd 1.9626 up from 1.9616yen 230.56 up from 229.98sfr 2.3812 up from 2.3767Australian dollarusd 0.8013 down from 0.8028stg 0.4082 down from 0.4092yen 94.120 down from 94.110singapore@xfn.com
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Forex - US dollar softer vs yen, euro in Singapore afternoon trade 