Dollar edges up amid speculation about US economy

TOKYO – The dollar edged up on Monday as trading remained cautious amid speculation about the timing of an end to massive US stimulus plans.

The dollar gained to 98.49 yen in morning Asian trade from 98.16 late Friday in New York.

The euro bought $1.3202, down from $1.3218, while the single currency was trading at 130.09 yen against 129.82 yen.

US financial markets are closed Monday for the Labor Day federal holiday.

“The market is paying more attention to US economic indicators than Syria,” said Daisuke Karakama, market economist at Mizuho Bank’s forex division.

“Especially, the market is focusing on US jobless figures to be released on Friday, ahead of the upcoming FOMC meeting,” Karakama said.

“Nervous trading is expected during the week as we need to pay attention to a lot of things,” he added.

US consumer spending sputtered in July amid weak income growth, according to Commerce Department data released Friday.

The new data cast a cloud over speculation that the Federal Reserve will begin to reduce its $85 billion-a-month bond-buying programme this year.

Concerns about the strength of the major economic indicators in the third quarter could convince the Fed to delay the move, which could come as soon as its September 17-18 monetary policy meeting.

source: business.inquirer.net

Labor Day sale: $849 round-trip from L.A. to Peru on Lan Airlines

Typically, good sale airfares to South America start from Miami. But Lan Airlines launched a Labor Day sale on tickets to Lima, Peru, that show good savings for travelers in Los Angeles and San Francisco too. Round-trip cost for the West Coast cities is $849, but only for a limited time.

The deal: In this sale, prices for round-trip flights to Lima start at $599 from Miami, $749 from New York and $849 from L.A. and San Francisco.

When: Tickets must be purchased by 8:59 p.m. Pacific time Tuesday for departures between Oct. 1 and Nov. 30. Travel must be completed by Dec. 10.

Tested: I found availability for the sale price for nonstop flights from L.A. to Lima leaving Oct. 17 and returning Oct. 24. On Lan, you can check two bags free. In a check of comparative fares for the same dates, I found the same low price on Taca Airlines, but that requires a layover in El Salvador; nonstop flights cost more than $200 extra in my test.

Contact: Lan Airlines, (866) 435-9526

source: latimes.com

PHL embassy in Washington closed Sept. 3 for Labor Day

The Philippine Embassy in Washington announced that it will be closed on September 3, Monday, on its website.

"The Embassy will be closed on Monday, 3 September 2012, in observance of Labor Day, a United States holiday," it said in an advisory.

Filipinos in emergencies who need assistance from the Embassy while it is closed may contact telephone numbers 202-368-2767 or 202-467-9300, it added.

Labor Day in the US is observed on the first Monday in September, and is a national holiday.

It is dedicated to the social and economic achievements of American workers and constitutes "a yearly national tribute to the contributions workers have made to the strength, prosperity, and well-being" of the country, the US Department of Labor said.

The DOL said the first Labor Day holiday was celebrated on September 5, 1882, in New York City, in accordance with the plans of the Central Labor Union.

In 1884 the first Monday in September was selected as the holiday, as originally proposed, and the Central Labor Union urged similar organizations in other cities. — BM, GMA News

source: gmanetwork.com