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Head Lines Dollar steady against major currencies ECONOMIC DESK, The Independent The dollar held steady against other major currencies on Friday as dealers waited with bated breath for a report on the US labour market, looking for signs of an anxiously awaited recovery in employment. The single European currency stood at 1.0945 dollars in early European trading, unchanged from late on Thursday in New York. The dollar was being traded at 116.83 yen against 116.74 on Thursday. Dealers were reluctant to take positions ahead of a monthly US employment report for August due out later Friday, analysts said. Some forecasters were predicting a modest uptick in jobs, but estimates of weekly jobless claims released a day earlier, which showed an increase, suggested they might be proved wrong, analysts said. "Though activity indices have been printing strongly in recent times the labour market remains in deep trouble," said Commerzbank economist Nick Parsons. The "labour market recovery remains some way off," he warned. The risk of disappointment over the figures could take some of the gloss off the recent rally in US shares and the dollar, analysts said. "With international investors now likely to be even more sceptical of the sustainability of the US recovery, the next leg of the cyclical rally in the dollar must await firmer labour market statistics." The dollar was a touch firmer against the yen on concerns Japanese authorities might intervene in the market to stem the strength of their currency, dealers in Tokyo said. Market participants were cautious about buying the yen after Japanese authorities were believed to have sold the yen on Thursday, they added. The euro was changing hands at 1.0945 dollars, unchanged from late on Thursday in New York, 127.91 yen (127.80), 0.6910 pounds (0.6916) and 1.5391 Swiss francs (1.5377). The dollar was being quoted at 116.83 yen (116.74) and 1.4063 Swiss francs (1.4049). The pound was at 1.5840 dollars (1.5816), 185.09 yen (184.69) and 2.2275 Swiss francs (2.2223). On the London Bullion Market, the price of an ounce of gold stood at 371.65 dollars against 370.75 on Thursday afternoon. Meanwhile, the dollar remained firmer in Tokyo Friday on continued fears that Japanese authorities might intervene in the market to stem the strength of the Japanese currency, dealers said. The dollar was quoted at 116.88-90 yen, up from 116.74 in New York Thursday afternoon. Market participants are cautious about buying the yen after Japanese authorities were believed to have sold the yen on Thursday. Tokyo is keen to prevent excessive yen appreciation because it reduces the competitiveness of Japanese exports and eats into repatriated corporate earnings. The early weakness of Japanese share prices, despite the strength of US shares Thursday, was also discouraging buying of the yen, Fukaya said. The Tokyo Stock Exchange's Nikkei-225 index lost 24.98 points or 0.24 per cent to end the morning session at 10,621.97, although the tech-heavy Nasdaq rallied to 1,868.56 Thursday, its highest level since March 2002. "If Japanese stocks made further gains today, it would provide support for the Japanese currency. But it is not the case today," Fukaya said. Over four straight sessions until Thursday, the benchmark index had gained 4.8 per cent, and it is about 40 per cent above its 20-year low plumbed in late April. If Japanese shares continued to ease despite the ongoing strength of US shares, "it could pressure the yen further," Fukaya said. Meanwhile, the euro fetched 1.0944 dollars around 11:00 am, nearly unchanged from 1.0945 dollars in New York Thursday afternoon. The European single currency was at 127.90 yen, against 127.75-85 in New York on Thursday. Dhaka Stock Exchange Link International Stock Exchange Link |
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