SINGAPORE: The dollar slipped in Asia yesterday following a 10-week rally, while gains in the euro were capped by concerns about slackening European economic growth.
The greenback bought 108.72 yen in Singapore trade against 108.94 yen in New York late Monday. The euro rose to $1.2853 from $1.2850, while slipping to 139.75 yen from 139.78 yen.
Japanese financial markets are closed for a public holiday.
The dollar’s upward momentum has taken a breather after last week hitting highs above 109 yen not seen since August 2008.
The gains came after the the Federal Reserve hinted that interest rates could rise further than expected when they are eventually hiked, probably in mid-2015. Singapore’s United Overseas Bank said the dollar was facing some selling in Asian trade after a “surprisingly weak set of US housing data”. AFP
