TOKYO: The dollar was mixed in Asian trade on Friday as dealers await fresh US data to be released later in the day, after a batch of downbeat economic reports for Europe and China.
While the greenback rose to 82.81 yen from 82.50 yen in New York Thursday, the unit was seen facing strong resistance.
The euro rose to $1.3200 and 109.26 yen in Tokyo, compared with from $1.3185 and 108.89 yen in New York.
HSBC said Thursday that manufacturing activity in China fell to a four-month low in March, adding to concerns over slowing growth in the world's second-biggest economy.
That was coupled with a key survey showing eurozone business activity fell more sharply than expected in March, indicating that the 17-nation single currency area had slid back into recession.
The US currency risks dropping against the yen later Friday if new US residential sales figures for February are weaker than expected, said Masafumi Yamamoto, chief forex strategist at Barclays Capital in Tokyo.
The dollar might also face more pressure if Fed chairman Ben Bernanke signals caution over the US economic outlook in an address scheduled later in the day, Yamamoto told Dow Jones Newswires.
However, the dollar's strong upward trend would likely return in the near future, he said, adding: "The dollar/yen seems prone to an upward bias."
Comments
Comments are closed for this article.