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.
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.
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.
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.
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.