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  Greenback eases in Asia on profit taking
  18 August 2008 13:08:44
   
  Profit taking by traders on Greenback’s recent surged eased its highs against the euro and yen in Asia on Monday.

The dollar briefly slipped below the key 110-yen level before rebounding to 110.21 by late morning in Tokyo, down from 110.48 in New York on Friday.

The euro rose to 1.4732 dollars, up from 1.4685 late Friday. The euro firmed to 162.32 yen from 162.27.

Investors sold the greenback to take profits on its recent rise while exporters bought yen to repatriate their overseas earnings.

The dollar recently has risen to a six-month peak against the euro and to its highest level since January against the yen on worries that the fallout from the US financial crisis is spreading to other major economies.

Markets were looking ahead to the results of the ZEW survey of German business confidence due Tuesday, amid growing concerns about the health of the eurozone economies.

The dollar has been buoyed by growing speculation that the European Central Bank could begin cutting interest rates next year to boost the eurozone economy, which shrank by 0.2 percent in the second quarter.

Falling commodity prices and a rise in US industrial output in July gave an additional boost to the US currency, dealers said.

The Bank of Japan was due to start a two-day meeting on interest rates later Monday, with traders bracing for a more cautious assessment from the central bank on prospects for Asia's biggest economy.



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