{"id":10833,"date":"2011-02-11T00:00:00","date_gmt":"2011-02-11T00:00:00","guid":{"rendered":"https:\/\/www.capitalfm.co.ke\/?p=10833"},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-29T21:00:00","slug":"egypt-crisis-pushes-dollar-higher","status":"publish","type":"post","link":"https:\/\/www.capitalfm.co.ke\/business\/2011\/02\/egypt-crisis-pushes-dollar-higher\/","title":{"rendered":"Egypt crisis pushes dollar higher"},"content":{"rendered":"

SINGAPORE, Feb 11, 2011 – The greenback strengthened Friday as tensions in Egypt led traders to seek safer assets, while decisions by Britain and South Korea to leave interest rates on hold also provided support.<\/strong><\/p>\n

The euro edged down to $1.3559 in afternoon Asian trade, from $1.3601 late Thursday in New York, while the greenback was up at 83.51 yen from 83.20 yen.<\/p>\n

The euro fetched 113.23 yen against 113.18 late Thursday.<\/p>\n

Trading was quiet with the Japanese financial markets closed for a holiday.<\/p>\n

The greenback has benefited generally from an upturn in sentiment towards the US economy, with data pointing to a strong rebound.<\/p>\n

In addition, Philip Wee, senior currency economist for DBS Group Research in Singapore, said the greenback\\’s latest rise was due to Egypt\\’s crisis.<\/p>\n

Hundreds of thousands of protesters took to Cairo\\’s streets on Thursday after President Hosni Mubarak said in a televised announcement that he would not step aside, and a further major demonstration was expected on Friday.<\/p>\n

"The Egypt situation is the risk-averse news of the last few hours. There\\’s no question about that," Westpac Bank strategist Imre Speizer said, according to Dow Jones Newswires.<\/p>\n

Decisions to keep rates on hold by the Band of Korea and Bank of England, which are both battling inflation, gave a lift to the greenback as traders moved out of the two countries\\’ currencies seeking safer and better returns.<\/p>\n

In Vietnam the central bank announced the fourth devaluation of the dong in 15 months as the country struggles against inflation, which hit more than 12 percent year-on-year in January.<\/p>\n

The State Bank of Vietnam said the country\\’s unit was now at 20,693 to the dollar, compared with 18,932 previously.<\/p>\n

The US dollar was higher against major Asian currencies on Friday, rising to Sg $1.2832 from Sg$1.2757 on Thursday, 1,127.36 Korean won from 1,114.90 and 8,925.00 Indonesian rupiah from 8,920.00.<\/p>\n

It bought Tw$29.17 from Tw$28.87, 43.83 Philippine pesos from 43.66 and 30.87 Thai baht from 30.67.<\/p>\n","protected":false},"excerpt":{"rendered":"

SINGAPORE, Feb 11, 2011 – The greenback strengthened Friday as tensions in Egypt led traders to seek safer assets, while decisions by Britain and South Korea to leave interest rates on hold also provided support. 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