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Rallying greenback sends Asian currencies sliding.
(From Agence France Presse)
An easing in the euro's advance on the greenback forced many Asian currencies into a slide, led by the Japanese yen.
JAPANESE YEN: The yen continued sliding during the past week as dollar-buying sentiment remained strong against Japan's currency following a recovery in US share prices, dealers said.
The Japanese unit was quoted at 118.61-64 yen against the dollar Friday afternoon, compared with 117.25-29 a week earlier.
The yen, which surged to the 116 yen level in mid-May, remained under selling pressure as investors shifted their buying target to the dollar, dealers said.
Dollar-buying sentiment was supported by recent gains in share prices on Wall Street, they said.
The dollar's upperhand over major currencies was also backed by growing speculation about a rate cut by the European Central Bank next week, dealers said.
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