MW: Dollar slips against sterling, others in Asian trade
TOKYO (MarketWatch) -- The British pound was the biggest mover in Asian trading Tuesday, buoyed by merger-and-acquisition hopes, while the greenback edged down against other major rivals.
Trading conditions were relatively thin after U.S. markets were closed Monday for the Martin Luther King Day holiday.
The euro bought $1.4406, up from $1.4379 in late European trading Monday.
The dollar bought 90.46 yen, down from 90.84 yen Tuesday.
The pound traded at $1.6424, up from $1.6341 late Monday.
Kraft Foods Inc. is nearing a deal to buy Britain's Cadbury PLC for as much as $19 billion, according to reports late Monday. Read latest on Kraft, Cadbury deal.
Kraft's potential revised offer "should keep GBP bid," Mitul Kotecha, head of global forex strategy at Calyon, said in a note to clients.
On Monday, Europe's single currency held its ground versus the dollar but slipped to a four-month low versus the British pound, as European finance ministers prepared to discuss Greece's debt problems. See Monday's Currencies report.
