Greenback slips further in Asia after US data


AFP

TOKYO–The dollar lost more ground in Asia on Thursday after tumbling in New York following weak U.S. and European data that led to renewed concerns about the global economy. In Tokyo the greenback slipped to 108.70 yen, from 108.91 yen in New York, where it sank from above 110 yen levels seen earlier Wednesday — the first time it has breached the mark in six years. The euro strengthened to US$1.2651 from US$1.2624, and to 137.52 yen against 137.48 yen ahead of a European Central Bank Meeting (ECB) later in the day. The U.S. Commerce Department said Wednesday that construction spending in August fell unexpectedly, while a separate report showed manufacturing activity slowed in September. The disappointing figures overshadowed news that U.S. private-sector employment increased last month.

Investors were now turning their focus to Friday’s U.S. non-farm payrolls report, which is used as a barometer of the health of the world’s number one economy.