Tuesday, October 12, 2010

The Dollar Edges Up against the Yen and the Euro

In today's market report... the dollar edged up against the yen and euro, boosted by uncertainty about Japanese currency intervention plans.

Wariness that Japanese authorities may buy dollars again with the yen lifted the dollar mildly.

Currency speculators boosted bets against the dollar last week to $30 billion, the largest amount since mid-2008.

The dollar's mild gains did not boost the Japanese share market, which was lower at the midday break after a one-day holiday.

Fast Retailing tumbled after the Uniqlo chain operating forecast its first annual profit fall in four years, although still hitting almost $1.4 billion.

Elsewhere in Asia, investors were seen as cautious awaiting earnings reports this week from technology giant Intel and GE.