AFP, Tokyo :
Emerging market currencies jumped against the dollar Friday with rising oil prices and upbeat US data lifting sentiment, while investors look ahead to a key US jobs report later in the day.
Friday’s US employment report, which comes on the back of a string of improving data, is expected to show the world’s top economy added 190,000 jobs in February and the unemployment rate held steady at 4.9 percent.
Also, Saturday marks the start of China’s National People’s Congress, where delegates will sign off on a new five-year economic plan,with hopes for measures to shore up the world’s number two economy.
“It’s on to tonight’s payrolls report for February and what that report says of the state of labour demand from the employment component (and) how much spare capacity there is in the US labour market and the economy in general,” National Australia Bank said in a commentary.
“The focus over the weekend then shifts to China with the official announcement of its growth aspirations and its specific target for 2016.”
Among the emerging currency gainers, the Taiwan dollar rose 0.78 percent, the South Korean won added 0.50 percent, the Indonesian rupiah tacked on 0.78 percent and the oil-linked Malaysian ringgit edged up 0.04 percent.
The Australian dollar was up 0.13 percent against the greenback. Better-than-expected growth figures for the fourth quarter supported the Aussie this week, hinting that the resource-dependent economy is picking up pace after several lacklustre quarters.
The uptick in Asia-Pacific currencies mirrored a rise on key regional equity markets Friday.
“The equity flow to emerging-market Asia has jumped this week,” Ken Cheung, Asian foreign-exchange strategist at Mizuho Bank in Hong Kong, told “Rebounding commodity prices have played a role.”
The dollar slipped to 113.58 yen from 113.69 yen in New York, while the euro weakened to $1.0945 and 124.33 yen from $1.0957 and 124.56 yen.
After the miserable start to the year for investors, March has so far been a ray of sunshine thanks to the positive US data and Beijing’s decision to ease
monetary policy.
A pick-up in oil prices — which in January were near 13-year lows below $30 a barrel — has also provided some stability.
Emerging market currencies jumped against the dollar Friday with rising oil prices and upbeat US data lifting sentiment, while investors look ahead to a key US jobs report later in the day.
Friday’s US employment report, which comes on the back of a string of improving data, is expected to show the world’s top economy added 190,000 jobs in February and the unemployment rate held steady at 4.9 percent.
Also, Saturday marks the start of China’s National People’s Congress, where delegates will sign off on a new five-year economic plan,with hopes for measures to shore up the world’s number two economy.
“It’s on to tonight’s payrolls report for February and what that report says of the state of labour demand from the employment component (and) how much spare capacity there is in the US labour market and the economy in general,” National Australia Bank said in a commentary.
“The focus over the weekend then shifts to China with the official announcement of its growth aspirations and its specific target for 2016.”
Among the emerging currency gainers, the Taiwan dollar rose 0.78 percent, the South Korean won added 0.50 percent, the Indonesian rupiah tacked on 0.78 percent and the oil-linked Malaysian ringgit edged up 0.04 percent.
The Australian dollar was up 0.13 percent against the greenback. Better-than-expected growth figures for the fourth quarter supported the Aussie this week, hinting that the resource-dependent economy is picking up pace after several lacklustre quarters.
The uptick in Asia-Pacific currencies mirrored a rise on key regional equity markets Friday.
“The equity flow to emerging-market Asia has jumped this week,” Ken Cheung, Asian foreign-exchange strategist at Mizuho Bank in Hong Kong, told “Rebounding commodity prices have played a role.”
The dollar slipped to 113.58 yen from 113.69 yen in New York, while the euro weakened to $1.0945 and 124.33 yen from $1.0957 and 124.56 yen.
After the miserable start to the year for investors, March has so far been a ray of sunshine thanks to the positive US data and Beijing’s decision to ease
monetary policy.
A pick-up in oil prices — which in January were near 13-year lows below $30 a barrel — has also provided some stability.
