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Greenback edges up as traders wait for outcome from G-20 gathering

During Friday’s Asia trade, the evergreenbuck grew against its Japanese counterpart, with many traders reluctant to move aggresssively before the G20’s financial analysts wrap up their gathering in Washington.     

In the morning trade in Tokyo, the greenback rushed to ¥109.74 before trimming earlier profits to ¥109.64.

The US dollar managed to gain against the Japanese yen because Japanese corporate players, including importers, were purchasing the greenback for their commercial settlement. Notwithstanding comments on the yen from Taro Aso, Japanese Finance Minister and quite steady data from China, market participants mostly remained passive ahead of the G20 upcoming communique, to say nothing of Sunday’s long-awaited gathering of key oil players in Doha. 

Besides this, China’s economy kept slowing in the first quarter, though staying in line with most forecasts.

Aso conveyed Japan’s strong worries as for one-sided surge in the Japanese yen to Jack Lew, US Treasury Secretary.  By the way, Aso stressed that the USA and Japan have never made secret deals to weaken the greenback.     

            

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