Australian Dollar Snaps 4-Day Drop on Bets Losses Were - TopicsExpress

Australian Dollar Snaps 4-Day Drop on Bets Losses Were Excessive Australia’s dollar strengthened, snapping a four-day decline, as technical indicators signaled the currency’s recent losses were too rapid. The Aussie is still headed for a weekly slide against its major peers before U.S. jobs data that may add to the case for a reduction in stimulus that has supported higher-yielding assets globally. New Zealand’s currency also halted a four-day drop, paring a five-day decline that’s the most in six weeks. “We have seen some consolidation in the Aussie,” said Peter Dragicevich, a Sydney-based currency economist at Commonwealth Bank of Australia (CBA), the nation’s largest lender. “We don’t think it will last too much going forward. The risk is that Aussie and kiwi do weaken on the back of a stronger payrolls number.” The Australian dollar gained 0.2 percent to 89.40 U.S. cents as of 10:05 a.m. in Sydney and is set for a 3.5 percent slide this week. New Zealand’s kiwi dollar added 0.1 percent to 78.99 U.S. cents. It’s headed for a 2.3 percent, five-day drop, the most since the period through June 21. Australia’s 10-year government bond yield climbed 10 basis points to 3.77 percent, set for the biggest one-day gain since June 24. New Zealand’s two-year swap rate, a fixed payment made to receive floating rates, rose three basis points to 3.39 percent. The Aussie’s 14-day relative strength index fell to 34.5 against the greenback yesterday, the least since July 5 and near the 30 level some traders see as a sign asset’s price has fallen too far and is poised to reverse course. The U.S. Labor department will probably say today employers added 185,000 jobs last month after boosting positions by 195,000 in June, according the median estimate of economists surveyed by Bloomberg News. The unemployment rate may have fallen to 7.5 percent from 7.6 percent the previous month, which would be the lowest since April. Federal Reserve Chairman Ben S. Bernanke will trim the central bank’s monthly purchases of Treasury and mortgage debt to $65 billion in September, from the current pace of $85 billion, according to half of 54 economists polled by Bloomberg from July 18-22.

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