Australia’s dollar dropped, poised to match its longest run of weekly declines in seven years, amid speculation the nation’s central bank will take steps to curb currency strength.
The dollar held a two-week gain versus the yen before Federal Reserve officials speak amid signs the U.S. economy may be strong enough for the central bank to taper monetary stimulus.
UBS AG, Switzerland’s biggest bank, said it hired Daisaku Ueno as a currency strategist based in Tokyo.
New Zealand’s dollar remained higher against the Australian currency as data from the smaller nation showed a gauge of manufacturing climbed to a nine-year high and job advertisements increased.
Mitsubishi UFJ Financial Group Inc., Japan’s largest bank, said it will hire Daisaku Ueno from UBS AG and Takashi Nakagawa from Daiwa Securities Group Inc. to bolster research on bonds and currencies.
The Dollar Index rose for a second day before Federal Reserve of St. Louis President James Bullard speaks today amid speculation the central bank will slow monetary stimulus as the economy improves.
The currency market is experiencing a bout of deja vu, with the yen’s tumble to a 4 1/2-year low and the dollar’s rebound drawing resemblances to 1995.
The following are the day's top business stories:
The yen rose against the euro and the majority of its major peers as technical indicators signaled the pace of recent weakening has been too quick.
The yen strengthened for a second day against the dollar as a lack of unity among Japanese lawmakers for the government’s picks to run the central bank damped speculation for accelerated monetary easing.
"There is caution in the market that the RBA may cut rates if the Aussie strengthens."
- Daisaku Ueno on Nov 21, 2013