Sun, May 05, 2013 - Page 15 News List

Asian currencies post fourth straight rise

Bloomberg and CNA

“Non-farm [payrolls] was strong, but not strong enough to bring in expectations of QE tapering,” Bank of Nova Scotia’s Camilla Sutton said on Friday.

The South African rand was the biggest winner this week among the US dollar’s 16 most-traded counterparts tracked by Bloomberg, rallying 2.2 percent. The yen was the biggest loser and South Korea’s won was the second-best performer, with a gain of 1.4 percent.

The yen declined beyond ¥99 to the US dollar for the first time in a week as investors left the safety of Japan’s currency while seeking higher-returning assets.

The US currency weakened 0.6 percent to US$1.3114 per euro this week in New York. It was the biggest drop since the five days ended on April 12. Japan’s currency fell 1.7 percent to ¥129.84 per euro.

The pound strengthened for a second week against the US dollar as economic reports that exceeded analyst estimates boosted confidence that growth is accelerating.

Sterling climbed to an 11-week high versus the greenback as reports from UK business confidence to manufacturing, construction and services output beat forecasts.

The pound advanced 0.6 percent in the week to US$1.5566 on Friday after touching US$1.5606 on Wednesday, the most since Feb. 13. Sterling was little changed at £84.25 pence per euro.

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