Dollar tops 100 yen

The dollar toped 100 yen for the first time in five months but weakened against other major currencies Friday as traders assessed the impact of a weak US employment on economic recovery prospects.

At 2100 GMT, the euro fetched 1.3483 dollars from 1.3461 dollars late Thursday in New York.

The dollar meanwhile rose to 100.29 yen from 99.52 yen, as investors welcomed the Group of 20 summit pledge to step up efforts to tackle the economic crisis.

“The actions by Washington and leaders of the 20 largest economies have helped to restore risk appetite,” said Kathy Lien at Global Forex Trading.

“The fate of the dollar in the week ahead will be largely dependent upon whether we are at a turning point in the global recession or if investors have been misled by false expectations.”

Lien said fearful investors have been flocking to the dollar and that any sign of improvement in global conditions will pressure the greenback.

Figures on Friday, however, showed the US unemployment rate spiking to a fresh 25-year high of 8.5 percent after the economy shed 663,000 jobs, a tough reality check for those arguing that the worst is over.

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Source:DailyStar,Dhaka