Thomas Harr News
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Australia’s dollar was set for a fourth weekly decline, the longest stretch since June, after the Reserve Bank cut its economic growth and inflation forecasts, fanning expectations it will lower interest rates.
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Australia’s dollar slid versus all of its 16 major counterparts after a report today showed employers in the country unexpectedly cut payrolls last month, adding to concern the domestic economy is slowing.
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The yen fell against the dollar, snapping a two-day advance, amid speculation the Bank of Japan will expand stimulus when it meets next week.
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A gauge of expected fluctuations in the Philippine peso dropped to the lowest in a decade after central bank officials repeated warnings this week that the authority may take steps to counter appreciation.
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Asian currencies will extend their biggest slide in three years through December before rebounding in early 2012 as export demand picks up, said Standard Chartered Plc, the most-accurate forecaster for the region.
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The Philippine peso is the only Asian emerging-market currency that forecasters have become more bullish on this year as the nation’s improving economy increases the chance it will win an investment-grade credit rating.
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Standard Chartered Plc lowered its rating on the baht to “neutral” from “overweight,” saying slowing economic growth and political risks are likely to damp capital flows into Thailand.
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Australia’s dollar halted a two-day advance against the yen as rising borrowing costs in Spain renewed fears that Europe’s debt crisis is deepening.
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The decline in the yen after Japan unilaterally stepped into markets to weaken the currency may be short-lived, according to Australia & New Zealand Banking Group Ltd. and Standard Chartered Plc.
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Australia’s dollar touched the lowest level in almost a month after a report showed retail sales grew more slowly than economists estimated.
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