NEWS / Foreign Exchange

Oil and base metal boost shares

Oil and base metals prices rose on Friday on supply concerns and easing worries of an economic slowdown in the United States, lifting shares in Asian energy and resource companies.

The dollar held most of the previous day's gains against the yen on the view U.S. interest rates may stay on hold for some time, boosting shares of Japanese exporters and pushing Tokyo's Nikkei up 0.2 % to a three-week high.

Dollar edges up vs euro

The dollar edged up against the euro on Friday, slightly extending a rebound from a two-year low on views that the Federal Reserve may keep interest rates on hold for some time.

U.S. short-term interest rate futures priced in about a 30 % chance of a rate cut by the end of June, down from about 50 % just after the Fed's statement on Wednesday.

The euro dipped against the dollar to around USD 1.3318 from USD 1.3330 in late New York trade on Thursday. The single currency had climbed to USD 1.3412 in the previous session, the highest since March 2005, as investors bet the European Central Bank will further boost interest rates this year from the current 3.75 %.