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 January 12, 2016 - 1:14 PM EST
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Dollar climbs to lower 118 yen zone on Tokyo stocks, China trade data

The

U.S.
dollar climbed to the lower 118 yen zone Wednesday morning in
Tokyo
as risk appetite returned to the market on higher
Tokyo
and
China
stocks and following
China's
better-than-expected trade data for December.

At noon, the dollar fetched 118.30-31 yen compared with 117.58-68 yen in

New York
and 117.39-40 yen in
Tokyo
at 5 p.m. Tuesday.

The euro was quoted at $1.0828-0830 and 128.10-12 yen against $1.0852-0862 and 127.74-84 yen in

New York
and $1.0892-0893 and 127.86-90 yen in
Tokyo
late Tuesday afternoon.

The

U.S.
currency bounced above the 118 yen line in the morning as higher stocks in
Japan
and
China
also helped outweigh lingering concerns about the continued fall in oil prices.

"With equity markets staging a rebound, investors' risk-off mood ebbed for a while," said Kengo Suzuki, chief foreign exchange strategist at Mizuho Securities Co.

The benchmark crude oil futures contract temporarily dipped below $30 per barrel for the first time since December 2003 overnight in

New York
.

The dollar also got a boost from stronger-than-expected data on Chinese exports in December released in the morning.

China's
exports rose 2.3 percent from a year earlier in December, while imports dropped 4.0 percent.

Suzuki said worries about a slowdown in the Chinese economy also waned somewhat after the People's Bank of

China
set a stable yuan guidance rate Wednesday morning, almost unchanged from the day before.

The euro changed little against the dollar while rising slightly against the yen.

==Kyodo

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Source: Equities.com News (January 12, 2016 - 1:14 PM EST)

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