Major Currencies Quiet In Asia

Major currencies are silent in Asia on Wednesday, as most stock markets are closed for New Year holiday.

With markets except in India closed today, trading is very thin amid the absence of major triggers.

A survey by the China Federation of Logistics and Purchasing and the National Bureau of Statistics revealed today that China’s manufacturing activity eased slightly in December as both new orders and production slowed.

The headline purchasing managers’ index fell to 51 in December from 51.4 in November. The reading was below economists’ forecast of 51.2.

The U.S. dollar has seen an advance at the beginning of the Asian session, driven by upbeat data on consumer confidence and home prices released yesterday. But the greenback stabilized against its major counterparts in subsequent deals, barring the pound.

The S&P/Case-Shiller 20-City Composite Home Price Index rose 13.6 percent in October compared to the same month a year ago, a report released by Standard & Poor’s showed yesterday. It marks the fastest annual rate in seven years.

The data released by the Conference Board showed that the U.S. consumer confidence index jumped to 78.1 in December from 72.0 in November. Economists had expected the index to climb to 76.8.

The greenback hovered at an early session’s high of 0.8932 against the franc, whereas it consolidated versus the euro after rising to 1.3743 in early trades.

The greenback hit a 2-day high of 105.37 against the yen, not far from a 5-year peak, but held in a tight range in a short while. The greenback-yen pair was quoted at 105.30 at Tuesday’s close.

Continuing early gains, the greenback approached 1.6542 against the pound, after having fallen to more than 2-year low of 1.6581 on Tuesday. The greenback may possibly eye upside target at the 1.65 zone.

Published: 2014-01-01 08:17:00 UTC+00

Major Currencies Quiet In Asia