Dollar firms up as impact of tragedy sinks in

The dollar firmed in listless trade in the Asian money markets today, with investors unsure where to look after the terrorist…

The dollar firmed in listless trade in the Asian money markets today, with investors unsure where to look after the terrorist strikes on US targets.

Strong anticipation for market intervention underlined sentiment.

The dollar was quoted at 119.65 yen in Tokyo early today, up from 119.49 yen in New York and 119.36-39 yen in Tokyo late yesterday.

The euro bought 0.9050, slightly down from 0.9072 dollars in New York and 0.906770 dollars in Tokyo late yesterday.

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"It is very quiet this morning with people reluctant to do anything," said Mr Marito Ueda, foreign exchange manager at Dresdner Bank in Tokyo.

Leaders from the world's three financial powers - the United States, Japan and Europe - have pledged to ensure stability in global financial markets.

"If the G7 countries act jointly, then the situation may not be a bad as perceived," said ABN Amro foreign exchange manager Mr Toshihiko Masaki.

AFP