Friday, June 29, 2007

Greenback Mixed Against Southeast Asian Currencies On Friday, Friday, June 29, 2007 2:54:58 AM

The U.S. currency saw a mixed performance against its Southeast Asian counterparts on Friday. While the Greenback advanced slightly versus the Hong Kong dollar, it weakened against the Singapore dollar. On the other hand, the Greenback showed choppy trading versus the Malaysian Ringgit, but it held steady with the Thai Baht.

Against the Indonesian Rupiah and the Philippine peso, the Greenback traded in a loose range. However, the Greenback gained slightly versus the Indian Rupee, but it fell heavily against the South Korean Won and touched the one and half month low.

The South Korean current account data for the month of May which was released during the Asian deals is likely to have an effect on trading in the dollar versus the South Korean Won. South Korean current account surplus amounted to U$924.7 million in May. In April, current account registered a deficit of revised US$2.1 billion.

The US personal income and spending for May, Chicago purchasing managers index for June and the University of Michigan`s consumer confidence survey for June are the key economic events expected later in the morning.

Against the Singapore dollar, the Greenback dropped as the Asian deals started on Friday. The pair gained some pips at 9:20 pm ET, but it lost ground again within an hour. The pair touched the 3-week low of 1.5310 at 10:55 pm ET Thursday and then traded sideways.

After falling briefly, the U.S. currency ticked higher versus the Hong Kong dollar in the early Asian deals on Friday. The pair thus gained from 7.8147 to 7.8173 at 11:15 pm ET Thursday. Soon after, the Greenback gave back some of its gains.

The U.S. dollar fell sharply against the Thai Baht at 11:05 am ET on Thursday in New York. The pair thus lost ground from 34.54 to 32.45 within a few minutes. The dollar then held steady at the same point and extended the same trend in the early Asian deals on Friday.

In the early Asian deals on Friday, the U.S. currency saw a choppy trend versus the Malaysian Ringgit. At about 9:35 pm Eastern Time Thursday, the pair advanced slightly but it showed choppy trading again soon after. The pair continued the same trend until about 1:45 am ET, but it declined slightly thereafter.

The U.S. dollar traded in a loose range between 0.9048 and 0.9082 against its Indonesian counterpart during the early Asian session on Friday. However, the pair edged down at 12:20 am Eastern Time and hit the low of 0.9035 within half an hour. Thereafter, the dollar bounced back completely and entered a loose range of the same limits again.

During the early Asian session on Friday, the U.S. currency traded slightly lower versus the Philippine peso. But the pair entered a loose range at about 9:15 pm Eastern Time which was limited between 46.21 and 46.41.

Against the Indian Rupee, the U.S. dollar declined slightly in the early Asian deals on Friday. After hitting a low of 40.60 at 9:20 pm ET, the pair held steady. Shortly after, the dollar bounced back the recent losses completely and strengthened further to 40.84 by about 11:35 pm ET. The pair then lost some pips.

The U.S. currency made a steep fall versus the South Korean Won during the early Asian deals on Friday. The pair advanced slightly at 12:10 am ET, but it slipped again soon after. The downtrend pushed the pair to touch the one and half month low of 923.65 by about 2:00 am ET. Of late the Greenback has been reversing the losses.
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