US Dollar Ends Almost Flat

The US dollar had a mixed day in Asia today, with market sentiments affected by developments in the corporate sector. The day for the dollar almost ended where it started.

While at the start of the day, the US dollar lost against almost all major currencies in Asia, it got support after the euro ran into selling interest by traders looking to capitalize on the opportunity to buy the UK pound, when it started rising on news of Cadbury PLC (NYSE: CBY) accepting the takeover bid from Kraft Foods (NYSE: KFT).

After inching up slightly, the sterling spiked higher to $1.6417 after US banks sold the euro-sterling cross. The euro-dollar eventually rose back to $1.4385, where it stabilized and closed at around $1.4398.

Meanwhile, the dollar-yen pair stayed on the sidelines, with investors awaiting the announcement on Japan Airlines (JAL).

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