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Euro-dollar rate stable in thin trading

The dollar was stable against the euro in London on Friday, with the single currency hurt by a weak reading on German industrial orders.

The euro in late day trading was at US$1.57 against US$1.5694 late on Thursday. The dollar was likewise unchanged against the yen at ¥106.63 after ¥106.75 on Thursday.

Trading was thin in the absence of activity in the US, where markets were closed for the Independence Day holiday.

The euro trailed the dollar for the most of the day, still feeling the effects of comments on Thursday from the head of the European Central Bank (ECB) suggesting there would be no further eurozone interest rate hikes in the near future.

The bank on Thursday raised its benchmark rate a quarter of a point to 4.25 percent in a bid to curb record eurozone inflation. But ECB President Jean-Claude Trichet later signaled that additional rate hikes were not likely.

In London trading on Friday, the euro changed hands at US$1.5700 against US$1.5694 late on Thursday, ¥167.62 (¥167.55), £0.7924 (£0.7914) and 1.6083 Swiss francs (SF1.6113).

The dollar stood at ¥106.73 (¥106.75) and SF1.0239.

The pound was at US$1.9827 (US$1.9824).

The Philippine peso led losses in Asian currencies this week after inflation last month accelerated to the fastest in 14 years.

The peso, the worst performer in the region in the past three months, traded near the lowest since September.

The Philippine currency fell 1.5 percent to 45.445 as of 4:12pm in Manila on Friday, from 44.75 last Friday, according to Tullett Prebon PLC.

Elsewhere, the New Taiwan dollar was at NT$30.401 from NT$30.388 last week. The Singapore dollar rose 0.1 percent to S$1.3614, the Thai baht gained 0.2 percent to 33.49 and the Indonesian rupiah was unchanged at 9,215, while Vietnam’s dong traded at 16,846.50 compared with 16,843.00 last week.
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