Forex - Yen continues to wilt in Singapore afternoon trade |
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Published
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Mon, 22 Jan 2007 08:48
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SINGAPORE (XFN-ASIA) - The US dollar and the euro headed higher against the yen in afternoon trading here, the Japanese currency still feeling the ill-effects of Thursday's decision by the Bank of Japan to keep interest rates on hold, dealers said.At 3.09 pm here (0709 GMT), the dollar was at 121.40 yen, up from 121.31 yen in Sydney nearly four hours earlier. The euro was at 1.2967 usd, down from 1.2975 usd in Sydney and at 157.44 yen, up from 157.40 yen.DBS said in a daily note: 'With Japan rates low at 0.25 pct and the futures market discounting only two more hikes this year, yen-funded carry trades continue to be popular.'CMC Markets chief analyst Ashraf Laidi said he expected that the dollar could reach 122.60 yen towards the end of this week.Later today, the index of leading indicators in the US is due for release. It expected to have risen by 0.3 pct in December on the effect of rising money supply and stock prices, and falling jobless claims, dealers said.Singapore 3.09 pm (0709 GMT) vs Sydney 2.18 pm (0318 GMT)US dollaryen 121.40 up from 121.31sfr 1.2486 up from 1.2475Eurousd 1.2967 down from 1.2975yen 157.44 up from 157.40sfr 1.6192 up from 1.6189stg 0.6566 down from 0.6568Sterlingusd 1.9741 down from 1.9754yen 239.65 up from 239.56sfr 2.4648 up from 2.4640Australian dollarusd 0.7897 unchangedstg 0.4000 up from 0.3998yen 95.880 up from 95.775singapore@xfn.com
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Forex - US dollar weaker vs yen, euro in Singapore afternoon trade 