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The best currency forecasters say the dollar’s 12 percent slide over the past year is coming to an end as Europe’s deepening debt crisis discourages bets against the world’s reserve currency.
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The Australian dollar traded near the lowest in more than two weeks amid concern some European nations will struggle to raise funds.
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Australia’s dollar traded near the lowest level in almost a week against the U.S. currency as concern Europe’s debt crisis will damp global economic growth reduced demand for higher-yielding assets.
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The euro traded 0.5 percent from a 16- month high against the dollar on speculation the European Central Bank will this week signal it intends to raise interest rates further, boosting the appeal of the region’s assets.
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Australia’s dollar held losses from the past three days as the climb in oil prices to a 29-month high spurred concern that global economic growth may slow.
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The euro rose toward its strongest since November against the dollar on speculation the European Central Bank will emphasize its readiness to raise interest rates as price pressures increase.
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The Australian dollar rebounded from the lowest level in almost eight weeks against the greenback as European governments gave Ireland an 85 billion-euro ($113 billion) bailout, spurring demand for higher-yielding currencies.
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Asian stocks fell the most in more than two weeks as violence in Libya drove up oil prices and central banks from South Korea to Thailand raised interest rates.
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Australia’s currency reached parity with the U.S. dollar for the first time since exchange controls ended in 1983 as the biggest mining boom in a century and U.S. stimulus prospects spurred demand for the nation’s assets.
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The euro traded near a two-week low against the dollar on speculation European nations and banks will struggle to raise funds amid the region’s debt crisis.
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