Forex - US dollar mixed early in Asian session after US housing figures |
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Fri, 27 Jul 2007 01:48
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SYDNEY (Thomson Financial) - The US dollar was firmer against the yen here but softer against the euro early in Asian trading hours Friday, after the release Thursday of more weak data on housing in the US, which exacerbated concern about the sub-prime lending market there.The heightened concern led to a sell-off in equity markets in the US and elsewhere.At 9.59 am here (2359 GMT Thursday), the dollar was at 118.88 yen, up from 118.68 in late trading in New York Thursday. The euro was at 1.3750 dollars, up from 1.3746 in New York.Sales of new homes the US fell 6.6 percent in June, declining by more than the 2.7 percent the market had expected.NAB Capital said in a note: 'The market will be paying close attention to tonight's release of the advance June-quarter US gross domestic product data, with the market expecting a 3.2 percent annualized growth rate.'NAB Capital said the market was now pricing-in fully a cut of 25 basis points in the US federal funds rate by February, and pricing-in a 75 percent chance of a similar cut by July 2008.But it said that its expectation that the US economy would make a soft landing and that the global economy would boom, with China continuing to grow rapidly, meant that the pullback in high-yielding currencies such as the Australian dollar should provide good buying opportunities.Sydney 9.59 am (2359 GMT Thursday)US dollar118.88 yen1.2037 sfrEuro1.3750 usd163.45 yen1.6551 sfr0.6710 stgSterling2.0493 usd243.55 yen2.4666 sfrAustralian dollar0.8748 usd0.4269 stg103.95 yenNew Zealand dollar0.7837 usdTFN.Sydney@thomson.compd/jmCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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