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Asian dollar deposits steady to easier in morning

SINGAPORE: Asian dollar deposit rates were steady to easier in dull trade with most traders sidelined before today's 1800 GMT issue of the U.S. March federal budget data, dealers said on Friday.

The March federal budget is forecast to show a deficit of US$45.4 billion compared with a shortfall of US$50.5 billion reported in February.

"Rates were a little bit softer this morning on some position adjustments. There's no fresh news and most people are sitting on the sidelines, reluctant to open or hold new positions over the weekend," a local dealer said.

"Basically, the market is waiting for today's federal budget figures for more clues to market direction, but I don't think there will be much impact here unless the numbers are way off market expectations," he said.

In short dates, weekend and Monday/Tuesday eased 1/16 percentage point each to a common 5-1/4 5-1/8 percent. Week- fixed eased 1/16 point to 5-5/16 5-3/16 percent. Among term rates, one-month eased 1/16 point to 5-7/16 5-5/16 percent. Three-months was unchanged from Thursday's 5-1/2 5-3/8 percent, six-months unchanged at 5-9/16 5-7/16 and twelve-months unchanged at 5-13/16 5-11/16 percent.-Reuter