TOKYO: The dollar fell further in Asia yesterday with investors discouraged by low yields on US bonds and caution ahead of market-moving events set for next week.
Dealers were unfazed by Japanese economic data released early yesterday, saying drops in spending and industrial output had been well expected.
The dollar fetched 101.55 yen in Tokyo afternoon from 101.78 yen in New York on Thursday afternoon. The euro bought $1.3604 against $1.3601 in US trade while falling to 138.21 yen from 138.44 yen.
“The dollar can hardly catch upward momentum given that US rates have fallen to the 2.4 percent level,” said Daisuke Karakama, head of spot forex trading at Mizuho Bank. “There are few reasons for pushing with dollar buying ahead of market events next week” such as a policy meeting of the European Central Bank and US employment data, he said.
AFP
