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Free Press Release

Dollar subdued in Asia

Wednesday, 10 Mar, 2010 9:36 am

TOKYO : The dollar was steady in Asia on Wednesday as traders took to the sidelines ahead of US and Chinese economic reports due this week.

The euro was almost flat at 1.3599 dollars in Tokyo morning trade, compared with 1.3598 in New York late Tuesday, and at 122.37 yen against 122.35. The dollar inched up to 89.99 yen from 89.96.

Activity in Tokyo was winding down ahead of the close of Japan's fiscal year at the end of this month.

"Trade is subdued going into the end of the fiscal year," said Yuji Saito, a forex dealer at Credit Agricole. "Market players see no clear direction for trading ahead of US and Chinese economic reports."

China was due to report February export data later Wednesday, while in the United States figures on trade and weekly jobless claims are scheduled to be released on Thursday.

Markets continued to focus on Greece and the risk that its public debt problems might spread to Portugal and other European nations.

The Portuguese government said this week it would cut spending, delay investment and sell state assets in an attempt to fix the country's finances.

"The Greek credit crisis remains a cause of concern, keeping investors away from riskier currencies," such as the euro, said Masatsugu Miyata, a forex dealer at Hachijuni Bank.

Greek Prime Minister George Papandreou said Tuesday that President Barack Obama offered a "positive" verdict on European plans to thwart speculators blamed for deepening Greece's crisis, in talks in Washington.

Obama did not, however, publicly comment in detail on efforts by Papandreou and the European Union to contain the Greek debt crisis, which has weighed heavily on the euro.

Copyright AFP (Agence France-Presse), 2010

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