Todd Elmer News
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The yen fell for a fourth day against the dollar after the Group of 20 gave Japan leeway to reflate its economy by indicating the nation’s monetary stimulus plan doesn’t contravene a pact to avoid currency devaluations.
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The New Zealand dollar may gain against its Australian counterpart on speculation Reserve Bank of New Zealand Governor Graeme Wheeler may signal a bias toward higher interest rates in a statement tomorrow, according to Citigroup Inc. and UBS AG.
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Investors should buy the New Zealand dollar after foreign-exchange markets misinterpreted a speech by central-bank Governor Graeme Wheeler as signaling intervention to weaken the currency, according to Citigroup Inc. and Nomura Holdings Inc.
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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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Todd Elmer, head of Group-of-10 currency strategy for Asia ex-Japan at Citigroup Inc. in Singapore, comments on the yen after Japan sold the currency today to protect exporters.
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The Australian dollar traded 0.4 percent from a 2 1/2-year low versus its New Zealand peer before minutes of the Reserve Bank of Australia’s meeting this month are released tomorrow amid prospects of lower borrowing costs.
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Australia’s dollar was set for a five-day advance before Chinese data next week that may show the world’s second-largest economy is picking up.
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Australia’s dollar rose the most since September after the Reserve Bank increased inflation forecasts and said higher interest rates may be needed “at some point.”
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Bank of Japan Governor Masaaki Shirakawa, who set the nation’s first inflation goal six months ago to halt a decade-long struggle with deflation, has failed to produce the weaker currency craved by exporters.
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The Australian and New Zealand dollars remained lower as demand weakened for commodity-related currencies on deepening concern that China’s growth is slowing.
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