The US dollar rose against most of its major counterparts as turmoil in Egypt and concern that Europe’s debt crisis may worsen fueled investor appetite for safety of US assets.
The greenback gained for a third week against the euro amid speculation Portugal’s funding costs are becoming unsustainable and as Egyptian President Hosni Mubarak stepped down and handed power to the military. Job data in the US helped boost appetite for the currency. US retail sales increased for a seventh month last month, a report next week may show.
“The dollar’s rally was built on safe-haven flows amid unrest in Egypt and renewed concern about Europe’s sovereign debt crisis,” said Joe Manimbo, a market analyst in Washington at Travelex Global Business Payments, a currency--exchange network. “The other factor that really supported the dollar was positive US data.”
The dollar appreciated 0.2 percent to US$1.3554 per euro in New York, from US$1.3581 on Feb. 4. It touched US$1.3497, the strongest level since Jan. 21. The US currency advanced 1.5 percent, the most in five weeks, to ¥83.43, from ¥82.18. The euro rose 1.3 percent to ¥113.06, from ¥111.62.
The pound lost 0.8 percent for the week to US$1.5981 at 5:22pm in London on Friday. Britain’s currency depreciated 0.3 percent in the week to 84.54 pence per euro.
Brazil’s real was the No. 1 performer, gaining as Mubarak’s resignation spurred demand for emerging-market assets. It ended the week up 2 percent to ¥50.09.
Australia’s currency slid below parity with its US counterpart on Friday after Reserve Bank Governor Glenn Stevens said policy makers judged it “sensible” to keep interest rates on hold. The Aussie fell 1.2 percent to US$1.0021 this week. It touched US$0.9961 on Friday, the lowest since Jan. 31.
Overseas investors pulled US$3.8 billion from stock markets in South Korea, Taiwan and Thailand during the week, exchange data show. China’s central bank raised interest rates for the third time in four months, joining India, Indonesia, South Korea and Thailand in having boosted borrowing costs this year to tame inflation. Vietnam devalued the dong 6.6 percent to 20,875 per US dollar on Friday, the most since at least 1993, to help rein in the nation’s trade deficit.
The ringgit retreated from a 13-year high of 3.0290 per dollar recorded on Feb. 4 as government data showed industrial output moderated in December.
Indonesia’s rupiah strengthened 0.5 percent this week to 8,948 per US dollar after the government reported the fastest economic growth in six years..
Elsewhere, the Philippine peso slid 0.1 percent to 43.815 per US dollar and India’s rupee lost 0.2 percent to 45.69. China’s yuan was little changed at 6.5919.
Taiwan’s dollar had its biggest daily decline this year as the nation’s stock index dropped the most in five months.
Taiwan’s dollar fell 0.4 percent to NT$29.230 against its US counterpart as of the 4pm close on Friday, according to Taipei Forex Inc. It was the biggest daily decline since Dec. 31.
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