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-----Original Message-----
From: MeLinda MeLisa <[email protected]>
Sender: [email protected]
Date: Tue, 14 Dec 2010 02:26:45
To: <[email protected]>
Reply-To: [email protected]
Subject: [StockForex] Australian, New Zealand Currencies Advance After China
Holds Rates Steady
Australian, New Zealand Currencies Advance After China Holds Rates Steady
The Australian and New Zealand dollars rallied against most of their
major counterparts as stocks and commodities gained after China
refrained from raising interest rates.
The currencies rose after the rate move predicted by firms including
UBS AF and Mizuho Securities Asia Ltd. failed to occur even as China’s
inflation accelerated to the fastest pace in 28 months. China is
Australia’s largest trading partner and New Zealand’s second-biggest
export market and investors speculated an increase in interest rates
would damp exports to the nation.
“It’s become a risk-on day, and it’s despite the China numbers and
expectations of policy tightening over the weekend,” said Vassili
Serebriakov, a currency strategist at Wells Fargo & Co. in New York.
“The global economy is on a much stronger footing at this point.”
Australia’s currency rose gained 0.7 percent to 99.24 U.S. cents at
9:47 a.m. in New York, from 98.53 cents on Dec. 10. It rose 0.5
percent to 83.15 yen, from 82.72 yen.
New Zealand’s dollar, nicknamed the kiwi, appreciated 0.7 percent to
75.35 U.S. cents, from 74.83 cents. It gained 0.5 percent to 63.13
yen, from 62.81 yen.
The currencies dropped earlier amid concern commodity exports would
wane after China’s leaders pledged to focus on stabilizing prices.
‘Prudent’ Policy
A government economic work conference in Beijing over the weekend,
attended by President Hu Jintao and Premier Wen Jiabao, affirmed the
“prudent” monetary policy and “proactive” fiscal stance for next year
that the Politburo described on Dec. 3, the state-run Xinhua News
Agency reported yesterday.
Consumer prices in China jumped 5.1 percent in November, a statistics
bureau report showed Dec. 11. Producer-price inflation of 6.1 percent
was higher than all 28 estimates in a Bloomberg News survey of
economists. Reserve requirements will increase 50 basis points
starting Dec. 20, the People’s Bank of China said on its website Dec.
10.
“An interest-rate hike is now only a matter of time,” in China, Imre
Speizer, a market strategist based in Wellington, New Zealand, at
Westpac Banking Corp., wrote in a note to clients today. “The China
data’s implications for tightening there should cast a slight
influence on commodity currencies.”
The Reuters/Jefferies CRB Index of raw materials rose 1.2 percent. The
MSCI World Index of stocks increased 0.6 percent.
The Aussie has climbed 10 percent this year in a measure of 10
developed-nation currencies, according to Bloomberg
Correlation-Weighted Currency Indexes. New Zealand’s dollar has risen
3.1 percent.
Source : http://marketpin.blogspot.com/
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