Asian currencies up against dollar
Asian currencies ended the week mainly up against the dollar, on stronger oil prices and renewed fears about the health of the US economy.
JAPANESE YEN: The Japanese yen surged against the dollar in the past week, as fresh concerns about the US economy and fears about US mortgage finance giants Fannie Mae and Freddie Mac cooled investor sentiment for the greenback.
The yen stood at 108.93 to the dollar on Friday, up from 110.28 a week ago.
"Fears about the US economy are growing again," said Sumitomo Trust Bank chief strategist Saburo Matsumoto, adding that the fallout from the financial crisis on Wall Street had not yet run its course.
The yen shrugged off news that Japan's trade surplus shrank 86.6 percent in July amid weak demand in the United States, with investors taking some comfort from a rebound in overall exports.
Dealers said the dollar might come under further selling pressure if upcoming US economic indicators, including next week's monthly employment report, disappoint markets.
CHINESE YUAN: The yuan closed at 6.8347 to the dollar Friday on the exchange-traded market, compared with Thursday's close of 6.8434, and 6.8750 a week ago.
On the over-the-counter market, it ended at 6.8333 to the dollar against 6.8442 in the previous day.
The central bank had set the yuan central parity rate at 6.8357 to the dollar Friday, compared with 6.8518 on Thursday.
The People's Bank of China allows a trading band of 0.5 percent on either side of the midpoint.
HONG KONG DOLLAR: The US-linked Hong Kong dollar finished the week at 7.81 to the greenback compared with 7.804 the week before.
INDONESIAN RUPIAH: The rupiah ended the week at 9,147 to the dollar, up from 9,180 a week earlier.
PHILIPPINES PESO: The peso fell to 45.65 to the dollar from 45.310 the previous week.
SINGAPORE DOLLAR: The greenback was at 1.4054 Singapore dollars on Friday from 1.4150 a week earlier.
SOUTH KOREAN WON: The won fell to a 44-month low against the dollar Friday, closing at 1,062.50 won to the greenback, compared with 1,039.80 won on Thursday of the holiday-shortened previous week.
The won has fallen almost 12 percent against the dollar so far this year.
They said the dollar might climb as high as 1,100 won in the coming week.
THAI BAHT: The baht fell against the greenback over the past week, dropping to a nine-month low due to heavy buying of the dollar by importers and foreign banks, dealers said.
The baht closed Friday at 33.91-94 baht to the dollar, as compared to last week's close of 33.83-85.
AUSTRALIAN DOLLAR: The Australian dollar was likely to rise in the coming week after being oversold, analysts said.
The Australian dollar was trading on Friday at about 87.88 US cents, up more than one cent from 86.29 a week earlier.
The currency could test the 88.50-cent level if gold continues to climb in New York trading, CMC Markets Trader Tim Waterer told Dow Jones Newswires.
"If we see a repeat of that again, the Aussie could push higher," he said.
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