Dollar slips against yen in Asia but seen supported on US inflation data

Thu, May 15 01:22 PM

TOKYO (AP) _ The dollar slipped against the yen in Asia on Thursday but analysts said there was underlying support in a better-than-expected report on U.S. consumer prices. The greenback stood at 104.90 yen midafternoon in Tokyo, down from 105.06 yen in New York late Wednesday.

"Overall sentiment was positive following U.S. inflation data," said Hidekazu Tsujimoto, a dealer at Mizuho Bank. The Labor Department said Wednesday that U.S. consumer prices edged up 0.2 percent in April, compared with a 0.3-percent increase in March.

The 0.2 percent reading was slightly better than the 0.3 percent rise in prices economists had expected and buoyed dollar-buying sentiment in Asia. Tsujimoto said the dollar also held steady as investors cheered an early drop in oil prices in Asian trading.

The euro was quoted at US$1.5490 midafternoon in Tokyo, compared with US$1.5464 in New York. In other Asian currencies, the dollar was quoted at 32.44 to the Thai baht, little moved from 32.46.

It stood at US$1.3828 to the Singapore dollar, up from US$1.3790.

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