Wednesday August 7, 2013
07:34 AM GMT+8


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A worker displays US dollars bills inside a money changer in Manila July 18, 2013. — Reuters picA worker displays US dollars bills inside a money changer in Manila July 18, 2013. — Reuters picNEW YORK CITY, Aug 7 — The dollar yesterday retreated against some major currencies despite better economic data and comments from a key Federal Reserve official that its aggressive stimulus programme could be tapered soon.

Near 2200 GMT (0500 Malaysian time), the euro traded at US$1.3306, compared with US$1.3255 Monday.

The dollar fell to ¥97.76 from ¥98.22.

The euro slipped to ¥130.10 from ¥130.20.

The Commerce Department’s trade data for June showed a narrowing trade deficit, which analysts said points to a likely upward revision to the growth estimate for the quarter, and firm growth in the current quarter.Also yesterday, Chicago Federal Reserve President Charles Evans said the Fed could taper its US$85 billion (RM276 billion) a month bond-buying programme in September

Evans is a voting member of the Fed’s policy-making Federal Open Market Committee and is considered “dovish” on monetary policy, said BK Asset Management’s Kathy Lien.

“The US trade balance reached its best level since October 2009 and yet the dollar barely budged,” Lien said.

Joe Manimbo, senior market analyst at Western Union Business Solutions, said the dollar is continuing to feel the weight from Friday’s disappointing monthly jobs report, which dimmed some expectations for a September taper.

“The dollar hasn’t been quite the same since Friday data showed the coolest pace of US hiring in four months in July,” Manimbo said.

Among other currencies, British pound slipped to US$1.5347 from US$1.5352 Monday.

The dollar dipped to 0.9258 Swiss franc from 0.9273. — AFP



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