Adrian Foster News
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The smart money shows no sign of losing confidence in the Australian dollar as analysts belatedly acknowledge the appeal of a high-yielding currency with a world- beating developed economy.
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The euro declined against the dollar for a third day after Standard & Poor’s cut Italy’s credit rating, adding to concern Europe’s debt crisis will raise borrowing costs for the region’s largest economies.
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The euro approached a 10-year low against the yen after Standard & Poor’s cut Italy’s credit rating, adding to concern Europe’s debt crisis will raise borrowing costs for the region’s largest economies.
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Asian stocks fell for a second day, driving the regional benchmark index to its longest string of weekly losses since the collapse of Lehman Brothers Holdings Inc., amid signs economic recovery in the U.S. is faltering.
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The euro rose as Asian stocks gained for the first time in three days before reports forecast to show German services and factory output expanded this month.
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The New Zealand dollar fell against most of its major counterparts after Finance Minister Bill English told parliament it was “possible” the nation’s economy slipped into recession in the second half of last year.
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The New Zealand dollar weakened from near a six-week high versus its U.S. counterpart and dropped the most in almost three weeks against Australia’s currency as business confidence in the smaller South Pacific economy fell.
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The yen weakened, snapping a four- day gain versus the dollar, on speculation Japan sold its currency for a second time in a month to protect exporters’ earnings. Asian stocks and oil prices fell on concern the global economic recovery is flagging.
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Australia’s dollar fell against the yen, extending a weekly drop, as speculation China’s central bank will raise interest rates to combat inflation damped demand for the South Pacific nation’s assets.
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The pound fell against the dollar and the euro, snapping a two-day gain, on concern the U.K.’s new coalition government will struggle to agree on policies to cut the nation’s record budget deficit.
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