The dollar and Swiss franc weakened against most of their major counterparts after reports showed manufacturing from China to Europe exceeded economists’ forecasts, reducing demand for safer assets.
The euro trimmed gains versus the dollar as European stocks pared increases. New Zealand’s dollar rose the most versus the greenback amid speculation Federal Reserve Chairman Ben S. Bernanke may signal this week further steps to boost the U.S. economy. The yen rose versus the dollar even after Japan’s Finance Minister Yoshihiko Noda fueled speculation officials will act to curb the yen’s appreciation.
“It’s general broad-based dollar weakness,” said Kathy Lien, director of currency research at the online trading firm GFT Forex in New York. “We have economic data from China and Europe that was not as bad as people were expecting. The hope for more action from the Fed is raising risk appetite.”
The dollar weakened 0.2 percent to $1.4393 per euro at 10:02 a.m. in New York, and declined 0.2 percent to 76.63 yen. New Zealand’s currency climbed 1 percent to 83.21 U.S. cents. The euro was little changed at 110.20 yen. The dollar fell 0.1 percent to 78.92 Swiss centimes.
The Stoxx Europe 600 Index was little changed after rising as much as 2.2 percent as the better-than-estimated factory data helped ease concerns the global economy is slowing and investors awaited a speech by Bernanke on Aug. 26 in Jackson Hole, Wyoming. The Standard & Poor’s 500 Index rose 0.6 percent.
The euro trimmed gains versus the dollar as European stocks pared increases. New Zealand’s dollar rose the most versus the greenback amid speculation Federal Reserve Chairman Ben S. Bernanke may signal this week further steps to boost the U.S. economy. The yen rose versus the dollar even after Japan’s Finance Minister Yoshihiko Noda fueled speculation officials will act to curb the yen’s appreciation.
“It’s general broad-based dollar weakness,” said Kathy Lien, director of currency research at the online trading firm GFT Forex in New York. “We have economic data from China and Europe that was not as bad as people were expecting. The hope for more action from the Fed is raising risk appetite.”
The dollar weakened 0.2 percent to $1.4393 per euro at 10:02 a.m. in New York, and declined 0.2 percent to 76.63 yen. New Zealand’s currency climbed 1 percent to 83.21 U.S. cents. The euro was little changed at 110.20 yen. The dollar fell 0.1 percent to 78.92 Swiss centimes.
The Stoxx Europe 600 Index was little changed after rising as much as 2.2 percent as the better-than-estimated factory data helped ease concerns the global economy is slowing and investors awaited a speech by Bernanke on Aug. 26 in Jackson Hole, Wyoming. The Standard & Poor’s 500 Index rose 0.6 percent.
No comments:
Post a Comment