Sun, Oct 13, 2013 - Page 15 News List

Asian currencies rise for second consecutive week

RISING OPTIMISM:Hope of a resolution to the US’ debt crisis drove regional currencies up, as well as pushing the greenback to its first gain in six weeks

Bloomberg and Staff writer, with CNA

There was a “sense of disappointment” in the data, which “weighed on the pound,” Lee Hardman, a currency strategist at Bank of Tokyo-Mitsubishi UFJ Ltd, said by telephone on Tuesday. “The pace of economic recovery in the UK may prove slightly less robust than anticipated.”

Sterling also weakened after a report on Friday showed UK construction slipped 0.1 percent in August. Economists in a Bloomberg survey had estimated a 0.8 percent increase.

The pound depreciated 0.3 percent to US$1.5957, falling to as low as US$1.5914, its weakest level since Sept. 18. Sterling declined 0.3 percent to £0.8410 per euro.

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