February 21, 2016 - 6:19 PM EST
Print Email Article Font Down Font Up
Dollar gains on Asian shares' rise, focus shifting to G-20


dollar gained to just below the 113 yen line Monday in
on strong Asian stock markets, but a wait-and-see mood began to prevail ahead of a Group of 20 meeting of finance ministers and central bankers later this week.

At 5 p.m., the dollar fetched 112.87-89 yen compared with 112.57-67 yen in

New York
and 112.95-96 yen in
at 5 p.m. Friday. It moved between 112.43 yen and 113.05 yen during the day, changing hands most frequently at 112.92 yen.

The euro was quoted at $1.1086-1087 and 125.13-17 yen against $1.1128-1138 and 125.24-34 yen in

New York
and $1.1118-1119 and 125.58-62 yen in
late Friday afternoon.

In the morning, the dollar moved up as gains in stock markets in

and elsewhere in
encouraged investors to buy the
currency against the safe-haven yen, dealers said.

"Risk aversion somewhat eased for a while," Yuzo Sakai, manager of foreign exchange business promotion at Tokyo Forex & Ueda Harlow, said as

225-issue Nikkei Stock Average gained ground while the Shanghai Composite Index also started the day on a positive note.

In the afternoon, the

currency became top-heavy and stayed in the upper 112 yen zone.

"(Market players) refrained from making bold moves as this week's G-20 has come into sight," said Toru Moritani, chief market economist at Sumitomo Mitsui Banking Corp.

Finance chiefs of G-20 economies will gather Friday and Saturday in

where they are expected to agree on policy coordination to cope with the recent financial market volatility.

But Ueda Harlow's Sakai warned that if the meeting does not produce any concrete outcomes, the dollar could fall further.

The dollar's topside was still capped by "caution about the Chinese economic outlook and lower crude oil prices," he said.

The euro fell against the dollar in line with the moves of the dollar-yen pair. Against the yen, the single currency made some headway before easing back to early morning levels.


DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Source: Equities.com News (February 21, 2016 - 6:19 PM EST)

News by QuoteMedia

Legal Notice