Australian, New Zealand Dollars Gain on Easing U.S. Concern, China Imports
Sept. 8 (Bloomberg) -- Sean Callow, a senior foreign-exchange strategist in Sydney at Westpac Banking Corp., talks about the outlook for the Australian dollar, and how the country's election has affected the currency. The Australian dollar traded near its strongest in four weeks before a report tomorrow forecast to show employers added positions for a sixth month, increasing pressure on the central bank to resume raising interest rates. Callow talks with Mark Barton on Bloomberg Television's "Global Connection." (Source: Bloomberg)
Sept. 7 (Bloomberg) -- Warren Hogan, chief economist at Australia & New Zealand Banking Group Ltd., talks about the outlook for the Australian economy and Reserve Bank of Australia monetary policy. Australia’s central bank may keep its benchmark interest rate unchanged for a fourth month today to support the nation’s economy as concerns deepen that recoveries may be faltering in the U.S., Japan and Europe. Hogan also discusses the outlook for Australia's government. He speaks with Rishaad Salamat on Bloomberg Television. (Source: Bloomberg)
Sept. 6 (Bloomberg) -- Simon Derrick, chief currency strategist in London for Bank of New York Mellon Corp., talks about foreign exchange including the outlook for the euro, the pound and the dollar. He speaks with Andrea Catherwood on Bloomberg Television's "The Pulse." (Source: Bloomberg)
The Australian and New Zealand dollars rose for a fourth week versus the greenback as concerns eased that the U.S. economy will founder, boosting demand for stocks and higher-yielding assets.
The Australian dollar advanced against all of its 16 major counterparts this week before a report forecast to show U.S. retail sales rose for a second month in August. Reports showed yesterday U.S. jobless claims fell more than economists expected and Australia’s unemployment rate fell to match the lowest since January 2009. The two South Pacific currencies also advanced against the yen as China’s imports grew more than expected.
“Fears of a double dip seem to be abating,” said Jonathan Cavenagh, currency strategist at Westpac Banking Corp. in Sydney. “The Aussie is being well supported at the moment.”
Australia’s dollar rose 0.3 percent to 92.53 U.S. cents at 11:46 a.m. in New York, from 92.29 yesterday, and gained 1 percent this week. It touched 92.77 yesterday, the strongest level since April 30. The currency gained 0.7 percent to 77.83 yen.
The New Zealand dollar added 0.4 percent to 72.72 U.S. cents, from 72.46 cents, after reaching 73.01 yesterday, the strongest since Aug. 9. It has gained 0.9 percent this week. The so-called kiwi rose 0.7 percent to 61.16 yen.
Stock Gains
The MSCI Asia Pacific Index of regional shares gained 0.1 percent and the Standard & Poor’s 500 Index advanced 0.2 percent.
U.S. retail sales rose 0.3 percent in August after gaining 0.4 percent in July, according to the median estimate of economists in a Bloomberg News survey before the Sept. 14 report from the Commerce Department. Applications for U.S. unemployment benefits fell last week by 27,000 to 451,000, Labor Department figures showed yesterday.
China’s imports grew 35.2 percent in August from a year ago, the government reported today. The median estimate of economists in a Bloomberg News survey was a 27.5 percent advance. Exports rose 34.4 percent. China is Australia’s largest trading partner and New Zealand’s second-biggest export market.
To contact the reporters on this story: Yoshiaki Nohara in Tokyo at ynohara1@bloomberg.net; Catarina Saraiva in New York at asaraiva5@bloomberg.net
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