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Dollar up on optimism over US economy

Tokyo - The dollar rose against the euro in Asia on Wednesday as the market grew more optimistic about a US economic recovery, dealers said.

The euro fell to $1.3274 in Tokyo morning trade from $1.3303 in New York late on Tuesday. The single European currency sagged to ¥109.01 from ¥109.12.

The US currency was range-bound against the yen, fetching ¥82.11 compared with ¥82.00 in New York.

The market gained confidence in the US economy after the Commerce Department reported on Tuesday that factory orders for November rose 0.7%, beating analysts' forecast of a 0.3% fall in orders.

"A series of upbeat US economic indicators released since late last year have provided a good reason to buy the dollar," said Yuichiro Harada, dealer at Mizuho Corporate Bank.

"The market is closely watching the employment report due out later this week," Harada said.

The euro was under pressure on risk-aversion following overnight falls on the commodity markets such as crude oil and gold, dealers said.

"The euro was beaten down as the market became less tolerant to risks," Harada said.

"Since the new year started, there has scarcely been any more negative news concerning the eurozone debt crisis, but concerns persist in the market."

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Rand - Dollar
19.01
-0.5%
Rand - Pound
24.01
-0.5%
Rand - Euro
20.52
-0.3%
Rand - Aus dollar
12.35
+0.0%
Rand - Yen
0.13
-0.6%
Platinum
900.15
+0.4%
Palladium
1,000.00
-0.2%
Gold
2,209.40
+0.7%
Silver
24.58
-0.3%
Brent Crude
86.09
-0.2%
Top 40
68,189
+0.8%
All Share
74,373
+0.6%
Resource 10
57,035
+2.5%
Industrial 25
103,662
+0.4%
Financial 15
16,492
-0.2%
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