ET: U.S. dollar eases against the yen, euro in Asia
The U.S. dollar eased against the euro and the yen in Asian trade yester
day as renewed concerns over the global economy roiled markets and drove shares lower.
The euro was changing hands at US$1.2214 in Tokyo afternoon trade, up from 1.2186 in New York late Tuesday. Earlier, it had dropped to US$1.2152, its lowest level since June 14.
The European single currency firmed to 108.09 yen from 107.98 yen.
The dollar was trading at 88.49 yen, down from 88.57 in New York.
Stock markets in Europe and the United States fell hard Tuesday, following losses in Asia, on news of a surprising erosion in U.S. consumer confidence that sparked fears for the health of the U.S. economy.
Wall Street shares slid sharply, with the blue-chip Dow Jones Industrial Average at one point tumbling by more than three percent before regaining some ground.
Asian stocks tracked the downward trend yesterday, with Tokyo, Hong Kong and Sydney all posting big losses.
The dollar was firmer against other major Asian currencies, rising to 1.3998 Singapore dollars from 1.3924, to 46.50 Philippine pesos from 46.47 and to 1,220.36 South Korean won from 1,218.25.
The dollar advanced to 32.44 Thai baht from 32.42, to NT$32.18 from NT$32.08, and to 9,071 Indonesian rupiah from 9,015.
