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Dollar extends gains in Asia

US Dollar/AFP

US Dollar/AFP

TOKYO, August 12- The dollar extended its gains on Tuesday, recovering from a sharp fall last week fuelled by Washington’s announcement that it had authorised air strikes in Iraq.

The dollar strengthened to 102.31 yen in Tokyo midday trade, against 102.21 yen in New York late Monday.

The euro was quoted at $1.3372 and 136.86 yen, from $1.3383 and 136.79 yen in New York as concerns persisted over a possible Russian military incursion into eastern Ukraine.

“As the geopolitical factors have been factored in, the market continues to see a retreat of risk off moves, which supported dollar buying sentiment against the yen,” said Yasuaki Amatatsu, analyst at the Bank of Tokyo Mitsubishi UFJ.

Investors tend to buy the yen in times of uncertainty and turmoil.

The dollar rallied Monday after plunging last week on President Barack Obama’s announcement that he had authorised air strikes on Iraq along with humanitarian supply drops to prevent a “genocide” by Islamist extremists.

“The prospect for a steady recovery of the US economy is also behind the dollar buying sentiment,” Amatatsu said.

Dealers are now moving their focus to an annual economics conference in Jackson Hole later this month to be attended by Federal Reserve Chair Janet Yellen.

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