The USD fell to multiweek lows against the KRW and SGD; the USD/KRW is trading 1,121.40 at after briefly tapping 1,120.50, the lowest since November 14, 2011. The USD/SGD is trading at a near three-month low at 1.2561. The greenback consolidated against the EUR and JPY after falling sharply Wednesday on the Fed’s projection for near-zero interest rates through late 2014. The USD/JPY is at 77.63 from 77.78 late Tuesday in New York, the EUR/JPY is at 101.83 from 101.90, and the EUR/USD is at 1.3117 from 1.3107. Korea’s 4Q GDP grew a seasonally adjusted 0.4% from the previous quarter, slowing from the 3Q’s 0.8% rise. The IMF cut its 2012 growth forecast for Korea to 3.5% from 4.4%. Singapore’s manufacturing output rises 12.6% on year in December vs a revised 8.0% contraction in November, faster than the median estimate of a 7.3% rise in a Dow Jones poll of 12 economists. The RBNZ held its benchmark interest rate unchanged at 2.50% due to the global economy remaining fragile and ongoing risks for the outlook. Spot gold is at $1,709.20, down $1.60 from the NY close. March Nymex crude oil futures are up 68 cents at $100.08/bbl.
EasyForexNews Research Team