US dollar up in Asia after New York sell-off

January 24, 2014

TOKYO (Jan 24)  The dollar edged up against the yen in Asia on Friday after plunging on weak Chinese data which sparked worries over emerging markets.

In Tokyo afternoon trade, the dollar fetched 103.44 yen, up from 103.34 yen in New York Thursday afternoon but still nearly one yen lower than levels in Tokyo on Thursday.

The euro, which climbed Thursday on upbeat eurozone data, bought US$1.3684 from US$1.3692 in U.S. trade Thursday while it was unchanged at 141.59 yen.

Traders moved into the safe-haven yen Thursday as U.S. shares sank on the weak China report and lackluster corporate earnings, while they look ahead to a Federal Reserve policy meeting next week.

The data from China — a key driver of global growth — fuelled concerns about emerging markets at a time when the Fed is winding down its stimulus programme, leading foreigners to repatriate their investments to the West.

Argentina's peso was at 7.9 to the dollar Friday against 8.01 on Thursday, when it had plunged 11.1 percent.

Boosting the euro, a closely watched report Thursday showed private-sector activity in the eurozone hit a 31-month high in January as a modest recovery gathered pace across the economic bloc.

The dollar was mostly higher against other Asia-Pacific currencies.

It rose to 1,076.70 South Korean won from 1,072.76 won on Thursday, to 12,180 Indonesian rupiah from 12,168 rupiah and to 62.16 Indian rupees from 61.97 Indian rupees.

The dollar also firmed to 45.32 Philippine pesos from 45.30 pesos. It slipped to 32.86 Thai baht from 32.97 baht and to SG$1.2785 from SG$1.2814.

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