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Forex - US dollar up slightly in Sydney afternoon trade as growth concerns ease


Published : Fri, 20 Apr 2007 05:56
By : Agencies
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SYDNEY (XFN-ASIA) - The US dollar was trading slightly firmer against major currencies, helped by easing concerns about economic growth in the US, dealers said.

At 2.15 pm (0415 GMT) here the dollar was at 118.65 yen, up from 118.43 in mid-morning, while the euro was at 1.3619 usd down from 1.3623.

Global Futures and Forex Ltd senior financial analyst Ian Copsey said economic data from the US on Thursday could be described as 'not as bad' as they have been, but not positive either.

Copsey said the weekly jobless claims fell less than expected but still reflect a modestly growing economy.

He said more neutral numbers came from the Conference Board's March leading indicators survey which saw a rise of 0.1 pct in line with forecasts.

Copsey said carry trades have been questioned to some degree following China's strong first quarter gross domestic product growth which increased the possibility of interest rate hikes by the Beijing authorities and had a knock-on impact in Japan, supporting the yen.

He said economic fundamentals in Japan are also starting to join the technical call for the yen to strengthen, limiting the US dollar's upside.

'A break below 117.50 yen will open the way for an eventual test of the 115.16 low. Cycles are bearish for a further 3-4 months (for the US dollar),' Copsey said.

Sydney 2.30 pm (0430 GMT)

US dollar

118.65 yen vs 118.43

1.2056 sfr vs 1.2054

Euro

1.3619 usd vs 1.3623

161.52 yen vs 161.34

1.6417 sfr vs 1.6418

0.6799 stg vs 0.6800

Sterling

2.0027 usd vs 2.0031

237.61 yen vs 237.24

2.4146 sfr vs 2.4136 sfr

Australian dollar

0.8351 usd vs 0.8353

0.4169 stg vs 0.4169

99.065 yen vs 98.935

New Zealand dollar

0.7437 usd vs 0.7445

bruce.hextall@xfn.com

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