Investor sentiment moves against US currency

Asian currencies ended the week mostly stronger against the dollar as investor sentiment moved against the US currency.
The yen gained ground during the week as rebounding stock markets reduced the dollar’s appeal as a safe haven, dealers said.
The Japanese unit stood at 97.72 against the dollar late Friday, up from 98.14 a week earlier. The yen rose to 95.95 yen at one point Thursday, the highest level since February 24.
‘The dollar’s safe-haven image is gradually fading,’ said Akira Takeuchi, a dealer at Chuo Mitsui Trust Bank.
Traders sold the greenback on Wednesday after US bank Citigroup’s upbeat profit outlook sent world stocks soaring.
‘A sharp rebound in global stock markets cut safe haven demand for the (US) currency,’ said NAB Capital analyst John Kyriakopoulos.
Investors had bought the dollar after the financial crisis erupted because they were seen as less risky than other major currencies.
The Japanese unit gained further toward the end of the week after Japanese players started repatriating funds ahead of the end of the fiscal year this month, dealers said.
Market players were looking ahead to a weekend summit in Britain gathering finance chiefs from the Group of 20 nations amid reports of a growing rift between the United States and Europe over how to tackle the financial crisis.

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Source:Agence France-Presse . Hong Kong