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Dollar Rises VS Yen After March Philly Fed Data
Reuters, March 16, 2007
NEW YORK (Reuters) - The dollar gained against the yen on Thursday as the details of a U.S. Mid-Atlantic manufacturing survey offered a few more positive signs for the economy than the report's weak headline number suggested.
The dollar extended gains against the yen to 117.45, up from 117.25 just before the report's release. The euro was up slightly at $1.3244.
The Philadelphia Federal Reserve's index of regional manufacturing fell to 0.2 in March, from 0.6 in February. Markets were expecting a reading of 4.
"Philly Fed sub-components are a touch more dollar-positive than the headline reading," said Brian Dolan, director of FX research at Forex.com in Bedminster, New Jersey.
"Dollar/yen is rallying as a result," he added.
The survey is one of the first regional manufacturing reports of the month and is often viewed as a precursor to readings on national manufacturing.
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