MARKET
HEADLINES
- Dollar range bound in Asia; US data eyed
The
dollar was range bound against other major currencies in Asian trade
Monday as investors awaited key US economic data due later this week
for clues about the state of the world's largest economy.
The
dollar stood at 102.27 yen in afternoon Tokyo trade, down from 102.49
yen in New York Friday.
The
euro bought $1.3737 and 140.43 yen, compared with $1.3734 and 141.00
yen in New York.
"Since
we don't have any major market-moving indicators lined up today, I
think the pair will be stuck in this box range," said Junichi
Ishikawa, market analyst at IG Securities in Tokyo.
The
dollar could move toward a 102.80 yen resistance, depending on the
performance of Tokyo shares, he added.
"If
risk appetite pushes share prices higher, the pair could test this
level," he told Dow Jones Newswires.
- China's yuan extends fall on cbank guidance, offshore steadies
The
Chinese yuan fell on Monday and extended its worst weekly performance
in more than two years after the People's Bank of China fixed the
daily midpoint weaker for a fifth session.
A
more than 2 per cent drop in the daily yuan midpoint fixings by
China's central bank since last Tuesday has outpaced the dollar's
rise against a trade-weighted basket of currencies in that period,
raising speculation the PBOC is taking active steps to deter
arbitrage-seeking hot money inflows.
The
yuan has been a favorite in the emerging market currency space in
2013, gaining more than 3 per cent while most of its peers
depreciating against the dollar.
Its
attractiveness has grown in recent months as a relatively stable
currency along with higher onshore yields prompted speculators to buy
the yuan betting on more gains.
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