Risk appetite increases
http://www.marketwatch.com/story/dollar-gains-vs-yen-euro-ahead-of-g8-meeting
TOKYO (MarketWatch) -- The dollar gained on its major counterparts in Asian trading Friday, ahead of a meeting of Group of Eight finance ministers.
The euro slipped to $1.4087, down from $1.4170 in Thursday's North American trading. The dollar rose to 97.94 yen, up from 97.38 yen Thursday.
Finance ministers from the G8 nations meet Friday and Saturday in the southern Italian city of Lecce as they attempt to lay groundwork for the meeting of G8 heads of state at their summit next month. See G8 preview.
The dollar and yen were on track for weekly losses against the antipodean currencies -- the Australian and New Zealand dollars -- as investors' risk appetite perked up, making riskier, higher-yielding currencies more appealing. See Asia Markets.
Risk aversion faded after Japanese Finance Minister Kaoru Yosano said his government is confident about the outlook for U.S. Treasurys, signaling the second-biggest foreign holder of the securities will keep buying them, according to a Bloomberg News report Friday.
"We have complete trust in the fact that the U.S. views its strong-dollar policy as fundamental," Yosano said in an interview in Tokyo on June 10 before attending the G8 meeting. "So our trust in U.S. Treasuries is absolutely unshakable."
Data released in China on Friday also gave risk appetite a lift. Growth in industrial production, along with a rise in retail sales and bank lending for the month of May, offered further signs that an economic recovery is underway. See full story on China data.
http://www.marketwatch.com/story/dollar-gains-vs-yen-euro-ahead-of-g8-meeting
TOKYO (MarketWatch) -- The dollar gained on its major counterparts in Asian trading Friday, ahead of a meeting of Group of Eight finance ministers.
The euro slipped to $1.4087, down from $1.4170 in Thursday's North American trading. The dollar rose to 97.94 yen, up from 97.38 yen Thursday.
Finance ministers from the G8 nations meet Friday and Saturday in the southern Italian city of Lecce as they attempt to lay groundwork for the meeting of G8 heads of state at their summit next month. See G8 preview.
The dollar and yen were on track for weekly losses against the antipodean currencies -- the Australian and New Zealand dollars -- as investors' risk appetite perked up, making riskier, higher-yielding currencies more appealing. See Asia Markets.
Risk aversion faded after Japanese Finance Minister Kaoru Yosano said his government is confident about the outlook for U.S. Treasurys, signaling the second-biggest foreign holder of the securities will keep buying them, according to a Bloomberg News report Friday.
"We have complete trust in the fact that the U.S. views its strong-dollar policy as fundamental," Yosano said in an interview in Tokyo on June 10 before attending the G8 meeting. "So our trust in U.S. Treasuries is absolutely unshakable."
Data released in China on Friday also gave risk appetite a lift. Growth in industrial production, along with a rise in retail sales and bank lending for the month of May, offered further signs that an economic recovery is underway. See full story on China data.
