Dollar recedes in Asia after recent pick-up

TOKYO:The dollar retreated in Asia Thursday after rallying in the previous session in response to an upbeat US Federal Reserve economic report and better than-expected Chinese growth figures.

In midday Tokyo trading, the greenback fetched 101.52 yen, against 101.69 yen in New York Wednesday.

The euro edged up to $1.3539 from $1.3524, while the single currency slipped to 137.36 yen from 137.55 yen in US trade.

The greenback had been enjoying some buying in recent days thanks to a generally upbeat outlook and healthy earnings reports that had also helped push stock markets higher.

On Wednesday, the Fed’s regional Beige Book report said the US economy continued to pick up steam, with all 12 economic regions of the country showing growth in the six weeks to July 7 — marking the second report in a row to do so.

It is also the latest evidence the US economy is picking up steam after unusually cold weather depressed activity in the first quarter.

A day earlier Fed chief Janet Yellen suggested interest rates could rise earlier than expected if the economy continues to pick up pace.

Source: APP