Dolar Mixed in Asia Trading

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The dollar was mixed in Asia on Tuesday with few immediate trading cues to move markets, after sentiment got a boost from an upbeat US jobs report and better-than-expected Japan growth figures.

In Tokyo midday trading, the greenback weakened to 102.35 yen from 102.53 yen on Monday in New York, while the euro drifted lower to 139.10 yen against 139.35 yen.

The European single currency slipped to $1.3588, compared with $1.3592 in US trade.

Dealers said the morning decline in Japan's benchmark Nikkei 225 stock index was a key factor in driving down the dollar-yen rate.

The dollar-yen rate and Tokyo's stock market are closely linked, with the value of the yen directly affecting Japanese exporters' profitability.

On Friday, the Labor Department said the US economy added 217,000 jobs in May, while unemployment held at a multi-year low of 6.3 percent, unchanged from April.

That was followed on Monday by revised data that showed Japan's economy grew a better-than-expected 1.6 percent in the first quarter, its fastest pace in more than two years.

A marked improvement in Chinese manufacturing and trade has also helped to boost sentiment.

On Tuesday, investors were keeping an eye on new data that showed Chinese inflation surging to a four-month high of 2.5 percent in May, although it was still below the government's 3.5 percent target.

Dealers were also looking ahead to a Bank of Japan policy meeting later this week.

Source : AFP

Gold Holds Above 4-Month Low as Equity Rally

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Gold held above the lowest level in four months on speculation that price declines after a rally in equity markets may spur purchases.

Gold for immediate delivery advanced 0.2 percent to $1,254.94 an ounce by 2:17 p.m. in Singapore, according to Bloomberg generic pricing. Bullion fell to $1,240.73 on June 3, the lowest since Jan. 31, as signs of an economic recovery in the U.S. drove the Standard & Poor��s 500 Index to a record.

The metal slid 3.3 percent in May, the biggest monthly drop this year, in part as tension eased between Ukraine and Russia and as the euro weakened on speculation that the European Central Bank will add to stimulus. Data this week may show U.S. retail sales rose after Federal Reserve Bank of Boston President Eric Rosengren said economic growth will be stronger in the second half amid œpretty strong consumption.

Gold for August delivery added 0.1 percent to $1,255.10 on the Comex in New York. In China, the world��s largest bullion consumer, volumes for the benchmark spot contract in Shanghai were 10,615 kilograms yesterday, rising from a two-month low of 8,568 kilograms on June 6.

Source : Bloomberg