U.S. dollar remains flat against yen in Asia

The dollar was almost flat against the yen Wednesday in Asia amid a lack of fresh market-moving factors.

Photo: U.S. dollar remains flat against yen in Asia

The U.S. dollar was trading at 117.22 yen midday, up from 117.21 yen late Tuesday in New York. The euro rose to US$1.4114 from US$1.4098.

Traders said Japanese exporters and importers were almost the only players in the market trading dollars and yen.

The market's attention is now focused on U.S. economic indicators due Friday that may offer more hints on whether the Federal Reserve will cut interest rates later this year, traders said. Other U.S. data due this week include retail sales and producer-price data for September and consumer confidence data for October.

Later Wednesday, Boston Fed President Eric Rosengren was to speak before a community chamber in Maine, while former Fed chief Alan Greenspan was scheduled to talk about the global economy in New York.

Meanwhile, the euro was also little changed against the dollar in Asia as investors refrained from buying the European unit given the prospect of officials complaining again about its strength against other currencies.

Capping the euro, traders said, is speculation that finance chiefs from the Group of Seven leading industrialized nations, set to meet next week in Washington, may do something that could prompt investors to sell euros they've bought previously to bet on further rises.

Against other regional currencies, the dollar was mixed, rising to 39.350 Indian rupees from 39.24, and to 32.604 Taiwan dollars from 32.600. It fell to 7.7597 Hong Kong dollars from 7.7599, and to 915.9 South Korean won from 918.5.