Greenback holds ground in Asia

OLYMPUS DIGITAL CAMERA

OLYMPUS DIGITAL CAMERA

Published Jul 7, 2014

Share

Tokyo - The dollar held up in Asia on Monday after rallying on strong jobs data last week, as investors waited for minutes of the most recent meeting of Federal Reserve policymakers.

The greenback bought 102.15 yen in Tokyo at midday compared with 102.08 yen on Friday.

The euro bought $1.3582 and 138.75 yen on Monday.

New York markets were closed on Friday for the Independence Day holiday.

The dollar got a boost after an encouraging US jobs report on Thursday pointed to a stronger economy and a possible early interest rate hike.

After the extended US weekend, attention has shifted to Wednesday's minutes release.

“The minutes are expected to provide more insight into why some Fed officials raised their interest rate projections, as well as an update on the Fed's latest thinking on its exit strategy” from stimulus measures, Capital Economics said in a note.

At the June 17-18 meeting, the Federal Reserve slashed its 2014 growth forecast for the US economy after a severe winter but kept policy on hold, showing faith in a modest rebound. - AFP

Related Topics: