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Dollar mixed in quiet Asian trade

Dollar Stock and money. Photo: investing-for-the-future

Dollar Stock and money. Photo: investing-for-the-future

The dollar edged down against the yen in quiet trade Thursday as investors turned attention to the pace of further Federal Reserve interest rate increases and the health of the US economy.

Trading volumes were thin ahead of the New Year holiday and Japanese financial markets were closed for a holiday.

Analysts said that traders have already priced in the decision on December 16 by the US central bank to increase interest rates for the first time in nearly a decade.

The Fed raised its benchmark federal funds rate, locked near zero since the 2008 financial crisis, by 25 basis points to 0.25-0.50 percent, kicking off what is expected to be a series of increases policymakers said would be gradual and follow the pace of the economy.

Higher borrowing rates usually boost the dollar as it encourages investors to shift attention to the United States searching for better and safer returns.

“I see the market’s focus turning to the pace of the rate hikes dictating dollar,” said Bernard Aw, market strategist at IG Markets in Singapore.

“For now, there is a difference of two hikes between what the Fed projects, and what the market is pricing in. At some point next year, this gap will narrow and how it will converge should influence the dollar,” he told AFP.

“For now, I think the dollar is finding it tough to go higher, which suggests that much of the December rate hike has been priced in.”

At around 0430 GMT, the dollar was trading at 120.38 Japanese yen down from 120.52 in late New York trade on Wednesday.

The euro was at $1.0931 from $1.0932 and 131.58 yen from 131.75 yen.

The greenback was down against the Australian, New Zealand, Singapore and Taiwan dollars, and eased versus the Philippine pesos.

But it edged up against the South Korean won, Indonesian rupiah, Indian rupee, and Malaysian ringgit.



1 Comment
  • Yemi Amodu

    Sterling Homes ltd selling Plots and Acres of Land

    Hebron garden estate is owned by Sterling homes Ltd and it’s
    completely free from “omo-onile” and government acquisition. Land
    mass: more than 10acres. Land type: dry, sandy and leveled. Location: Lekki,
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    Havilah park and garden is an estate located about 6mins
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    Moriah park is situated at Agbowa, Ikorodu. The estate is
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    Gibeon park is located at Gberigbe
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    state model college Igbokuta, The estate is fenced and gated in a serene
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