SINGAPORE -(Dow Jones)- The risk-sensitive Australian dollar and emerging market currencies gained modestly against the U.S. unit Friday, after a brighter U.S. economic picture cheered markets in holiday-thinned trade.

The euro also gained slightly against the greenback, but moves were muted as volumes were extremely light with Japan closed and markets across the region easing into the Christmas and year-end holidays.

“It’s unusual that you see such wide spreads, and that just underlines how thin trade is,” said Nizam Idris, currency strategist at Macquarie Group.

Asia stocks gained across the board, buoyed by positive data from the U.S. Jobless claims fell unexpectedly, reaching their lowest level since April 2008. Holiday retail sales are looking solid, while the index of leading economic indicators advanced 0.5% in November for its seventh straight gain.

The smattering of upbeat news helped Australia’s S&P/ASX 200 close 1.2% higher, while South Korea’s Kospi Composite was up 0.9% at 0610 GMT.

“Sentiment overall is definitely positive, and the U.S. data helped,” said Idris. But movements higher in the Aussie dollar and Asian currencies are exaggerated by the overall lack of liquidity in markets, he added.

Another earthquake in New Zealand’s second-largest city of Christchurch knocked the kiwi dollar off course mid-morning in Asia, but the unit quickly recovered as initial reports showed the quake rattled nerves but left buildings standing. The New Zealand unit is at $0.7747, up from $0.7741 late in New York trade.

The euro is at $1.3070, after trading at $1.3052 late in New York. The dollar found support against the Japanese yen at Y78.08. The Aussie dollar is at $1.0163, versus $1.0131 late in New York trade, but off an intra-day high of $1.0184.

Interbank Foreign Exchange Rates At 00:50 EST / 0550 GMT 

                           Latest       Previous   %Chg    Daily    Daily   %Chg
Dollar Rates                               Close            High      Low  12/31 

USD/JPY Japan            78.07-08       78.15-18  -0.12    78.22    78.08  -3.75
EUR/USD Euro            1.3068-70      1.3048-52  +0.15   1.3080   1.3048  -2.40
GBP/USD U.K.            1.5683-86      1.5675-80  +0.04   1.5703   1.5672  +0.49
USD/CHF Switzerland     0.9348-54      0.9359-62  -0.10   0.9360   0.9344  +0.01
USD/CAD Canada          1.0201-06      1.0205-11  -0.04   1.0213   1.0204  +2.57
AUD/USD Australia       1.0162-66      1.0128-33  +0.33   1.0180   1.0130  -0.68
NZD/USD New Zealand     0.7744-50      0.7732-39  +0.15   0.7756   0.7725  -0.63 

Euro Rate 

EUR/JPY Japan           102.02-06      101.97-02  +0.01   102.15   102.04  -6.07

-By Martin Vaughan, Dow Jones Newswires

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Foreign exchange market is the market where traded foreign exchange (foreign currency). Members of the foreign exchange market consists of:
a. All foreign exchange banks (public and private).
b. Brokers of foreign exchange (exchange broker).
c. Official money changers (money changers).

In the international traffic that requires payment of foreign currency or foreign exchange or foreign exchange (foreign means of payment) are importers exporters while the party as a recipient of foreign exchange.

In the foreign exchange market there are two kinds of exchange, ie buying and selling rates. Buying rate shows the purchase price of foreign exchange by banks while the selling rate shows the sales price of foreign exchange by banks. Bank profits derived from the difference between the selling rate by buying rate. The term middle rate is selling buying rate plus exchange rate divided by two (since January 1, 1994 Bank Indonesia has not issued a list of middle rates again). Understanding exchange rate (rate of exchange) is a price to pay to buy foreign currency, while foreign exchange rates is a comparison of purchasing power among the country’s currency with other countries.

The function of the foreign exchange market, inter alia as follows:
a. Transferring the purchasing power of currencies across countries.
b. Provision of credit for foreign trade.
c. Menjualbelikan foreign exchange.
d. Foreign currency exchange places.
e. Facilitate international trade and international payments.

Benefits of the foreign exchange market, inter alia as follows:
a. Promote and facilitate interstate commerce.
b. Facilitate the payment of interstate affairs.
c. Adding foreign exchange reserves.
d. Increased exports and imports between countries can encourage the business world that will open up new jobs and employment (reducing unemployment) and increase incomes.
e. The increased reserves will encourage and facilitate national development.

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International trade will give the international consequences of the transactions related to international payments. Means of payment in international transactions using foreign currency or foreign currency. International transactions will affect a country’s balance of payments equilibrium.
International trade encourages countries to create a payment tool that can be accepted by many countries. Upon mutual agreement, international means of payment in the form of foreign exchange that can be cashed in foreign currency.

Foreign exchange rates
Every country has a currency that is different. This difference drives the need for exchange rates or exchange rates. This shows the nominal exchange rate of the domestic currency against foreign currencies in a single unit. However, in the foreign exchange rates you’ll see the difference between the selling rate and buying rate value. The value of foreign exchange rates have an important role in the smooth traffic of international payments. Foreign exchange rates facilitate the exchange of currencies and transfer funds from one country to another country. A foreign currency exchange rate will be amended from time to time. In general, to determine high or low foreign exchange rates consist of free exchange, fixed exchange rate, and exchange rate stabilized.

Factors that cause changes in currency values
Some important factors that influence changes in foreign exchange rates, among others:
a. Changes in prices of export goods
b. Inflation (rise in general prices)
c. Changes in interest rates and return on investment
d. Changes in public taste
e. Noneconomic factors.

To simplify the system of international pembayarab necessary means of payment in the form of money. Difficulty of use of money is because each country uses different currencies from each other.
Comparison of the value of international currency called the foreign exchange rates. Some of these systems is the determination of exchange rates there are three systems which are as follows:
a. Fixed exchange rates, ie rates which use gold as a standard.
b. Free exchange rate, which is releasing the gold standard, the rates determined by market forces (demand and supply).
c. Currency stabilization, namely the exchange rate stabilized by developed countries through international financial institutions like the IMF.

The foreign exchange market is an organizational framework in which there are parties who ask for and offer foreign currencies.
Transactions that affect the international balance of payments is as follows:
a. goods transactions; export-import
b. transaction services; banking, transport, tourism, insurance
c. result of capital transactions; interest, dividends, labor
d. capital transactions; traffic loans, debt-
e. one-way transaction; gifts, grants, donations
f. monetary transactions; traffic gold

The procedure of international payments made by five ways:
a. in cash
b. on credit
c. draft
d. letters of credit; the promissory note to pay on the order of the importer:
- L / C plain: payment through banks designated according to the price agreed upon
- Merchant L / C: enter the first importer of goods, the new pay
- Red Clause L / C: exporters withdraw a deposit first before he shipped his belongings
- Usance L / C: an L / C, which requires recipients interesting note futures
- Industrial L / C: L / C to facilitate the import of industrial goods

Private Compensation, namely the completion of a resident of a state debt.
Example:
A people of Indonesia to import goods from B in Singapore.
C of Indonesia are exporting goods to D in Singapore then A direct payment is paid to C and D pays to B.