FRC: Dollar mixed as traders track US earnings news
The dollar climbed against the euro but fell against the yen on Thursday as markets tracked another raft of US company earnings and economic data.
In late morning trading here, the European single currency sank to 1.4076 dollars from 1.4106 dollars in New York late on Wednesday.
The dollar firmed to 93.66 yen from 93.50 yen late on Wednesday.
Banking giant JPMorgan Chase reported a net income of 2.7 billion dollars (1.9 billion euros) in the second quarter, a 36-percent increase on the equivalent figure last year.
Later on Thursday, Internet giant Google and computer group IBM will also publish their latest numbers.
"US earnings reports this evening will remain the main driver of risky assets and our equity analysts look for more above consensus earnings outcomes," said Barclays Capital in a note to clients.
"We note that the rally in equities recently may represent the pricing in of above-market earnings outcomes, so significant upside surprises may be needed to drive the rally in risky asset further."
US bank Goldman Sachs earlier in the week reported 65 percent jump in second-quarter net profits. Bank of America and Citigroup are to reveal their results on Friday.
Traders were meanwhile awaiting fresh leads from a report on weekly claims for unemployment benefits in the United States due later on Thursday, followed by housing data on Friday.
The market was also mulling news that China's economy grew 7.9 percent in the second quarter of 2009, in a dramatic turnaround for the Asian powerhouse fuelled by a massive stimulus package.
While the figures were roughly in line with analyst forecasts, some market players had apparently been betting on an even stronger performance, dealers said.
In trading here on Thursday, the euro was changing hands at 1.4076 dollars against 1.4106 dollars late on Wednesday, 131.72 yen (132.93), 0.8596 pounds (0.8589) and 1.5162 Swiss francs (1.5163).
The dollar stood at 93.57 yen (94.21) and 1.0770 Swiss francs (1.0734).
The pound was at 1.6379 dollars (1.6421).
On the London Bullion Market, the price of gold decreased to 936.13 dollars an ounce from 938 dollars an ounce late on Wednesday.
