Dollar Gains against Yen on Importer Buying (AP)  (25-02-2008)

TOKYO (AP) -- The dollar gained against the yen in Asia Monday as Japanese importers were buying the U.S. currency to settle payments.

It was trading at 107.42 yen at 2:50 p.m. (0550 GMT) Monday, up from 106.93 yen late Friday in New York, while the euro fell to US$1.4812 from US$1.4825.

There is still uncertainty surrounding the American economy and dealers expect some currency traders to sell the dollar this week if U.S. economic indicators that are due to be released this week display any weakness.

U.S. data due this week include home sales for January on Monday, consumer confidence for February on Tuesday and January durable goods orders on Wednesday.

Federal Reserve Chairman Ben Bernanke is also scheduled to testify before Congress on Wednesday and Thursday.

The dollar was mostly lower against other Asian currencies, falling to 947.4 South Korean won from 948.6 and to 31.264 Taiwan dollars from 31.382. It rose to 40.625 Philippine pesos from 40.275.

 Source AP