Peter Jolly News
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The Australian and New Zealand dollars gained for the first time in three days against the greenback as technical indicators signaled the South Pacific currencies may be oversold.
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New Zealand’s dollar climbed versus most of its major peers before data forecast to show building permits rose to a five-year high, after the central bank said a housing boom could force it to raise interest rates.
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Australia’s dollar fell toward the lowest in three years versus its New Zealand counterpart as traders bet the interest-rate gap between the two nations will narrow.
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Reserve Bank of Australia Governor Glenn Stevens’s reappointment pits the inflation-focused central banker against counterparts using near-zero interest rates and quantitative easing to drive down their currencies.
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Treasuries headed for a fourth weekly decline, the longest losing streak in 19 months, before a government report economists said will show consumer spending gained last month.
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Treasury 10-year notes headed for the longest streak of weekly losses in 19 months before a report economists said will show consumer spending gained last month, stoking speculation the central bank will slow asset purchases.
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Treasuries snapped a gain from yesterday on speculation a U.S. employment report today will show the Federal Reserve doesn’t need to reduce borrowing costs.
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Citigroup Global Markets said Europe’s debt crisis will keep the Federal Reserve from raising interest rates this year, while National Australia Bank Ltd. cut its forecast for U.S. 10-year yields.
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Australia’s government bonds extended a record rally while yields on Singapore’s debt headed for an all-time low amid speculation global central banks will expand monetary easing to prop up growth.
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Treasury 10-year yields are poised to extend gains after climbing past their 30-day moving average this month, according to National Australia Bank Ltd., citing trading patterns.
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