Asian shares got off to a cautious start on Thursday after more dour economic news in China and the United States prompted a bruising selloff the previous day.
The euro rose to USD 1.1179, having bounced back from three-week low of USD 1.1105 touched on Wednesday. The yen has been stuck in a narrow trading range over the past week and last stood at 120.21 to the dollar. The spectre of higher US interest rates and slower growth in China continues to weigh on many emerging market currencies, however. The Brazilian real sank to an all-time low of 4.179 per dollar, clobbered by a recession, fiscal deficit and political instability following corruption allegations against leading politicians in Brazil, the world’s seventh largest economy.