Richard Grace News
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The dollar snapped its biggest advance against the euro in two weeks before the U.S. releases April jobs data after the previous report disappointed with employers adding the fewest positions in nine months.
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The yuan rose toward the strong end of its permitted trading range as a pickup in U.S. home sales boosted demand for riskier assets and on speculation China will widen the currency’s trading band this year.
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The Australian dollar rose against all of its major counterparts after a report showed bigger-than- estimated growth in employment, reducing pressure on the central bank to expand monetary easing steps.
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Australia’s dollar remained lower after its biggest drop in more than a week versus the greenback after Cyprus’s parliament rejected a bank-deposit levy needed to secure a bailout, sapping demand for high-yielding assets.
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The dollar fell after touching its strongest level versus the euro since December as European leaders debate loosening the shackles on national budgets to address economic weakness amid the region’s debt crisis.
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Australia’s dollar traded near an eight-week low versus the U.S. currency as concern that Europe’s debt crisis will spread curbed demand for higher-yielding assets.
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New Zealand’s dollar, this year’s worst-performing major currency, is likely to rally if the central bank disappoints markets by failing to cut the benchmark interest rate, AMP Capital Investors said.
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The Australian dollar will rise to a record and exceed parity with the U.S. currency as low volatility and the widening yield advantage boosts demand for the so-called Aussie, Commonwealth Bank of Australia said today.
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Australia’s currency, historically a shock absorber for the world’s 13th-largest economy, may be losing some of its elasticity, increasing the likelihood that the central bank will consider cutting interest rates.
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Richard Grace, chief currency strategist and head of international economics in Sydney at Commonwealth Bank of Australia, comments on the dollar and yen after Japan intervened to stem gains in its currency.
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