Dollar And Asian Stocks Subdued

In early trading on January 17, the dollar struggled to rise as Asian stocks creaked lower after being unable to shrug off the impact of downbeat results on Wall Street.

Dollar And Asian Stocks Subdued

The dollar index that tracks the greenback against a basket of six major currencies held its ground on the day at 80.943 .DXY. But the US dollar slipped 0.1 percent against the yen at 104.34 yen and edged down to euro at $1.3612.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS slumped 0.2 percent, while Australian shares .AXJO skidded 0.4 percent and Japan’s Nikkei index .N225 dropped 0.8 percent.

“U.S. companies whose earnings have a big impact on the global economy disappointed the market, so it is triggering selling,” said Norihiro Fujito, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities.

“The market has not made much of the news with regard to global growth, though, as oil prices remained broadly unchanged and non-financial stocks broadly outperformed,” strategists at Barclays said in a note to clients.

In early trade on Friday, Gold was steady at $1,243.60 an ounce, after U.S. data showed more strength. U.S. crude futures rose about 0.1 percent to $94.07 a barrel. The Australian dollar slumped 0.2 percent to $0.8806 after news that economy of the country shed 22,600 jobs in December, when economists had expected a small increase.

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