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Forex

Dollar stays in lower 102 yen in morning on mixed U.S., China data

TOKYO(Kyodo) -- The U.S. dollar stayed in the lower 102 yen zone Thursday morning in Tokyo in a lack of direction given mixed U.S. and Chinese economic data.

     At noon, the dollar fetched 102.24-27 yen compared with 102.20-30 yen in New York and 102.50-52 yen in Tokyo at 5 p.m. Wednesday.

     The euro was quoted at $1.3870-3874 and 141.82-84 yen against $1.3863-3873 and 141.68-78 yen in New York and $1.3806-3807 and 141.52-56 yen in Tokyo late Wednesday afternoon.

     The dollar struck a weak note in the Tokyo morning session, following the release the previous day of disappointingly weaker-than-expected U.S. economy growth data for the first quarter, although it was supported by other favorable U.S. economic news.

     The U.S. Commerce Department said gross domestic product in the January-March period grew at an annualized 0.1 percent, falling short of the average market forecast of 1.2 percent.

     China's marginally poor manufacturing activity data released in mid-morning also capped the dollar's top side, said Yuji Kameoka, chief foreign exchange strategist at Daiwa Securities Co.

     Bad news out of the world's second-largest economy tends to cool market players' risk sentiment, he added.

     However, "The dollar's further decline against the yen is unlikely in Tokyo time as it is underpinned by economic news from the United States other than GDP released Wednesday," Kameoka said.

     The Federal Reserve said Wednesday after its two-day policy meeting that growth in economic activity has "picked up recently," and Automatic Data Processing Inc. reported that jobs with U.S. private employers increased by 220,000 in April, coming out above market consensus, he said.

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