The US dollar traded mainly lower on Friday as a brighter mood on global financial markets sharpened risk appetite and limited moves into safe haven currencies.
Sterling sank however on news that the British economy plunged deeper into recession in the first quarter of this year.
At 9pm GMT, the euro traded up at US$1.3242 from US$1.3144 late in New York on Thursday.
Against the Japanese currency, the dollar eased to ¥97.13 from ¥97.95 on Thursday.
The dollar has been seen as a safe haven from market turbulence, so the improved data hurt the greenback.
Durable goods orders fell 0.8 percent amid expectations for a 1.5 percent drop, but Schlossberg said a key measurement of future activity, capital spending rose for the second consecutive month, “suggesting of a possible turnaround in the not too distant future.”
New US home sales fell 0.6 percent last month from an upwardly revised level in February, another sign of a potential improvement.
In late New York trading, the US dollar stood at 1.1369 Swiss francs from SF1.1503 on Thursday.
The pound was at US$1.4663 after US$1.4721.
Asian currencies gained this week, led by Malaysia’s ringgit and the Singapore dollar, on signs record interest-rate cuts and government stimulus spending are helping revive economic growth.
The Bloomberg-JPMorgan Asia Dollar Index, which tracks the region’s 10 most-used currencies excluding the yen, rose as investors pumped more funds into emerging markets.
The New Taiwan dollar had a weekly advance, halting two weeks of losses, on speculation China’s economic stimulus measures are boosting demand for the nation’s exports.
The currency rose to the highest level in a week against the US dollar after reports this week showed export orders and manufacturing last month contracted by less than economists predicted in Bloomberg surveys.
The New Taiwan dollar rose 0.3 percent for the week to NT$33.711.
The ringgit climbed 0.9 percent to 3.5855 versus the US dollar this week in Kuala Lumpur, according to data compiled by Bloomberg. The Singapore dollar strengthened 0.8 percent for the week to S$1.4902.
PROTECTIONISM: China hopes to help domestic chipmakers gain more market share while preparing local tech companies for the possibility of more US sanctions Beijing is stepping up pressure on Chinese companies to buy locally produced artificial intelligence (AI) chips instead of Nvidia Corp products, part of the nation’s effort to expand its semiconductor industry and counter US sanctions. Chinese regulators have been discouraging companies from purchasing Nvidia’s H20 chips, which are used to develop and run AI models, sources familiar with the matter said. The policy has taken the form of guidance rather than an outright ban, as Beijing wants to avoid handicapping its own AI start-ups and escalating tensions with the US, said the sources, who asked not to be identified because the
FALLING BEHIND: Samsung shares have declined more than 20 percent this year, as the world’s largest chipmaker struggles in key markets and plays catch-up to rival SK Hynix Samsung Electronics Co is laying off workers in Southeast Asia, Australia and New Zealand as part of a plan to reduce its global headcount by thousands of jobs, sources familiar with the situation said. The layoffs could affect about 10 percent of its workforces in those markets, although the numbers for each subsidiary might vary, said one of the sources, who asked not to be named because the matter is private. Job cuts are planned for other overseas subsidiaries and could reach 10 percent in certain markets, the source said. The South Korean company has about 147,000 in staff overseas, more than half
Taipei is today suspending its US$2.5 trillion stock market as Super Typhoon Krathon approaches Taiwan with strong winds and heavy rain. The nation is not conducting securities, currency or fixed-income trading, statements from its stock and currency exchanges said. Yesterday, schools and offices were closed in several cities and counties in southern and eastern Taiwan, including in the key industrial port city of Kaohsiung. Taiwan, which started canceling flights, ship sailings and some train services earlier this week, has wind and rain advisories in place for much of the island. It regularly experiences typhoons, and in July shut offices and schools as
CHEMICAL FIRE: 10 Indian employees were injured by smoke inhalation at a Tata Electronics plant in Tamil Nadu state that produces components for Apple Inc At least 10 people received medical treatment, with two hospitalized after a major fire on Saturday disrupted production at a key Tata Electronics Pvt Ltd plant in southern India that makes Apple Inc’s iPhone components. The fire occurred at the plant in the city of Hosur in Tamil Nadu state that makes some iPhone components. It broke out near another building inside the Tata complex, which was to begin producing complete iPhones in the coming months. The fire was contained to one building and has been extinguished fully, top district administrative official K.M. Sarayu said. No decision has been made on when
RSS