The so-called Aussie extended its losing streak versus the U.S. currency to the longest in seven weeks as today’s data led some analysts to cut their forecasts for first-quarter growth. New Zealand’s currency rose from near a two-week low versus the greenback after a report showed employers added more jobs last quarter than economists forecast.
“These data continue to point to the RBA remaining on hold,” said David Forrester, a currency economist at Barclays Capital in Singapore. “At the moment the market is a little worried about a slowing in global growth so that’s weighing a bit on the Aussie.”
Australia’s dollar fell to $1.0715 as of 4:30 p.m. in Sydney from $1.0748 in New York yesterday, when it dropped 0.9 percent. The currency slid 0.3 percent to 86.35 yen. New Zealand’s dollar gained 0.4 percent to 79.31 U.S. cents after sliding to 78.66 yesterday, the weakest since April 19. It was little changed at 63.65 yen.
Retail sales in Australia declined 0.5 percent in March from the previous month, the Bureau of Statistics said today in Sydney. Economists predicted a 0.5 percent gain, according to a Bloomberg News survey.
Traders lowered to 48 percent the probability the RBA will boost its benchmark rate to 5 percent by August, compared with a 54 percent chance yesterday, interbank futures show.
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