Sue Trinh 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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The Australian dollar was 0.4 percent from falling below parity with its U.S. counterpart for the first time in 10 months after the central bank lowered its inflation forecast following an interest-rate cut this week.
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The yen strengthened for the first time in four days versus the dollar as investors bet losses that brought it to within 0.6 percent of 100 against the U.S. currency were overdone.
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New Zealand’s dollar is poised to weaken as a worsening drought spurs the nation’s central bank to take a more dovish stance at tomorrow’s policy meeting, according to Royal Bank of Canada.
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Sue Trinh, a currency strategist at Royal Bank of Canada in Hong Kong, comments on the yen after Japanese authorities intervened in foreign-exchange markets today to weaken the currency.
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Expectations for price swings in the Australian dollar are near the lowest in almost 13 years relative to major currencies, as central bank purchases of the so-called Aussie damp its sensitivity to political turmoil.
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The Australian and New Zealand dollars touched the highest in more than four years against the yen after the Bank of Japan expanded monetary stimulus, boosting the allure of higher-yielding assets.
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The Dollar Index approached the highest level since August before a U.S. report forecast to show payrolls increased in March, underpinning optimism the world’s biggest economy is recovering.
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Australia’s dollar fell against all of its major peers, erasing earlier gains, after the central bank signaled it’s prepared to cut interest rates to a record- low this year after holding them unchanged today.
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The Australian dollar fell for a third day against the yen after the country’s trade surplus narrowed more than economists estimated.
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