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Safe Haven Bets Keep Driving the Dollar Higher

“The Dollar Index (DXY) approached the highest level since August before a U.S. report forecast to show payrolls increased in March, underpinning optimism the world’s biggest economy is recovering.

The yen rose against most of its major counterparts amid speculation its slide yesterday when the Bank of Japan (8301) expanded monetary stimulus was too rapid. The euro weakened after retail sales in the 17-nation area dropped in February, adding to signs the region is struggling to recover from recession. South Korea’s won fell to a seven-month low against the dollar as the risk of conflict with North Korea spurred capital outflows.

“The dollar is becoming more of a pro-cyclical currency,” said Ian Stannard, head of European currency strategy at Morgan Stanley in London. “If we get a positive surprise from U.S. payrolls we are likely to see the dollar regaining ground and it could be the catalyst for a move higher against the yen.”

The Dollar Index, which IntercontinentalExchange Inc. uses to track the greenback against the currencies of six U.S. trading partners, gained 0.1 percent to 82.769 at 7:05 a.m. in New York after rising to 83.494 yesterday, the highest level since Aug. 2.

The dollar rose 0.1 percent to $1.2921 per euro after rising to $1.2746 yesterday, the strongest level since Nov. 21. The yen gained 0.1 percent to 96.27 per dollar, after slumping 3.4 percent yesterday. Japan’s currency appreciated 0.2 percent to 124.40 per euro.

Payrolls Increase…”

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The Aussie and Kiwi Dollars Hit Four Year Highs Against the Yen, Fall Against the Greenback

“The Australian and New Zealand dollars touched the highest in more than four years against the yen after the Bank of Japan (8301) expanded monetary stimulus, boosting the allure of higher-yielding assets.

The so-called Aussie and kiwi dollars retreated against the greenback as Japan’s easing measures increased demand for the U.S. currency. Australia’s bonds gained, sending yields to a one-month low.

“If you’ve got the BOJ pressing the long end of the yield curve, then Aussie-yen as a carry is going to be pretty attractive,” said Thomas Averill, managing director in Sydney at Rochford Capital, a currency and interest-rate risk management company. “One of the quickest ways to generate inflation is to weaken the currency and it’s a happy byproduct of their policy.”

The Australian dollar declined 0.2 percent to 100.36 yen as of 4:26 p.m. in Sydney after touching 101.13, the highest since August 2008. The kiwi fell 0.2 percent to 80.99 yen, after reaching 81.61, the strongest since July 2008.

The Aussie slipped 0.2 percent to $1.0419 and is little changed this week. The New Zealand dollar slid 0.2 percent to 84.09 U.S. cents and has gained 0.5 percent since March 29.

“What we’re seeing now is very much a different transmission channel where the strengthening dollar-yen is leading to some upward pressure on other dollar-Asia crosses,” said John Horner, a currency strategist at Deutsche Bank AG in Sydney. “With Australia trading quite closely with a number of those Asian currency pairs, it’s translating into pressure on Aussie as well.”

BOJ Stimulus…”

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The Aussie Dollar Rises as Retail Sales Jump the Most in Three Years

“Australia’s dollar held a rebound from a three-week low against its New Zealand counterpart as traders pared bets for interest-rate cuts after retail sales in the larger nation climbed by the most in more than three years.

The so-called Aussie gained for a second day against New Zealand’s kiwi dollar after government data showed that retail sales jumped 1.3 percent in February and building approvals rebounded. Both South Pacific currencies fell against the dollar and surged against the yen after the Bank of Japan (8301) expanded monetary stimulus.

“The retail sales number was extremely strong,” said Alvin Pontoh, an Asia-Pacific strategist at TD Securities Inc. inSingapore. “It justifies the move higher in the Aussie. The Reserve Bank of Australia said this week that there are signs the economy is responding to previous easing of monetary policy and we’re clearly seeing that evidence today.”

The Australian dollar rose 0.1 percent to NZ$1.2435 at 5:42 p.m. in Sydney from yesterday, when it also added 0.1 percent. The pair touched NZ$1.2396 on April 2, the lowest since March 8. The Aussie fell 0.3 percent to $1.0431, and New Zealand’s currency lost 0.3 percent to 83.89 U.S. cents.

Australia’s dollar jumped 2.1 percent to 99.44 yen and New Zealand’s surged 2.1 percent to 79.96 yen.

The advance in Australia’s retail sales beat the 0.3 percent advance predicted by the the median forecast in a Bloomberg News survey of economists and was the biggest back-to- back gain in almost four years.

Separate reports showed building approvals rebounded 3.1 percent in February from a revised 2.0 percent drop in January, and a measure of the services industry advanced to the highest level in 14 months….”

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The Yen Falls as the BoJ Vows to Double Asset Purchases

“The yen weakened the most since October 2011 and Japanese 10-year bond yields fell to a record as the nation’s central bank said it will double asset purchases. Spanish and Italian notes stayed higher after the European Central Bank kept its benchmark rate at a record low.

Japan’s currency depreciated 2.6 percent to 95.47 yen per dollar at 7:52 a.m. in New York, while 10-year yields slumped to 0.425 percent. Spain’s two-year note yield dropped seven basis points to 2.13 percent and Italy’s fell 10 basis points to 1.57 percent. The won slid to a six-month low and the pound weakened 0.2 percent to $1.5103. The Stoxx Europe 600 Index gained less than 0.1 percent, while Standard & Poor’s 500 Index (SXXP) futures climbed 0.4 percent after the gauge dropped from a record yesterday. Gold retreated to a 10-month low….”

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The Yen Rises on Poor Economic Data Across Asia

“The yen strengthened and Asian shares retreated after a third quarterly advance as economic data from JapanChina and South Korea missed estimates. Commodities declined, while U.S. equity-index futures erased losses and Treasuries retreated.

The yen appreciated 0.5 percent against the dollar at 7:50 a.m. in New York, after declining for a sixth month in March, the longest losing streak in 12 years. The MSCI Asia Pacific Index sank 1.2 percent. Standard & Poor’s 500 Index (SPXL1) futures added less than 0.1 percent after reaching a record last week. The yield on 10-year Treasuries rose three basis points. The S&P GSCI Index of 24 commodities fell 0.6 percent, with copper and oil sliding in New York. Markets in Australia, New Zealand, Hong Kong and most of Europe are closed.

The Bank of Japan’s Tankan index of confidence among large manufacturers improved less than estimated in March, South Korean exports rose 0.4 percent, missing the 1.8 percent gain predicted in a Bloomberg survey, and a pickup in China’s factory output trailed forecasts. Shares retreated today after global stocks beat all other investments for a second quarter in the first three months of the year, the first back-to-back outperformance since 2009.

“We need to see the economy showing signs of improvement and inflation numbers picking up in Japan,” Vasu Menon, head of content and research at OCBC Bank Ltd. in Singapore, said on Bloomberg Television’s On the Move with Rishaad Salamat. “China is recovering, but the recovery is going to be a modest one.”

Yen Gains…”

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The Chinese Yuan Hits a 19 Year High

“China’s yuan rose to a 19-year high after the central bank raised its daily reference rate to the strongest level in more than 10 months.

The People’s Bank of China increased the fixing by 0.08 percent to 6.2689 per dollar, the highest since May 2, 2012. The currency is allowed to trade 1 percent either side of the rate. The Purchasing Managers’ Index for manufacturing in March will be 51, indicating a sixth month of expansion, according to the median estimate in a Bloomberg News survey of economists before official data on April 1. President Xi Jinping is on his first foreign visit since taking over earlier this month and has held meetings with the heads of the so-called BRICs nations of Brazil, Russia and India as well as African countries.

“Investors continue to be convinced about the gradual appreciation of the yuan,” said Samson Tu, a Taipei-based fund manager at Uni-President Assets Management Corp., which oversees $700 million. “The yuan’s recent strength is probably politically driven as Xi is on overseas visits.” …”

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China and Brazil Make Moves Against the Greenback

“China and Brazil agreed to trade in each other’s currencies just hours ahead of the BRICS summit in South Africa.

The deal, which extends over a three-year period and amounts to an exchange of about $30 billion in trade per year, marks the latest effort among two of the world’s largest emerging economies to shift the dynamics of international trade that have long favored the U.S. dollar.

“Our interest is not to establish new relations with China, but to expand relations to be used in the case of turbulence in financial markets,” Brazilian Central Bank Governor Alexandre Tombini said, Reuters reported.

By shifting some trade away from the U.S. dollar, the world’s primary reserve currency, the two countriesaim to buffer their commercial ties against another financial crisis like the one that resulted from the collapse of the U.S. housing market bubble in 2008.

“Trade ties between China and Brazil are of great importance to the two countries’ economies amid global woes and the member states’ economic stability is vital for the BRICS mechanism,” said Zhou Zhiwei, a researcher with the Chinese Academy of Social Sciences, Xinhua reported.

Trade between China and Brazil has exploded in recent years from $6.68 billion in 2003 to over $75 billion in 2012, and in 2009, China replaced the U.S. as Brazil’s main trading partner….”

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The Yen Climbs on Safe Haven Bets

“The yen rose versus a majority of its 16 most-traded counterparts as Cyprus’s banks reopened for the first time since striking a bailout deal that forced losses on some depositors, spurring demand for the safest assets.

Japan’s currency strengthened as the Bank of Japan (8301) reiterated its policy-easing options, damping speculation for additional novel measures to boost the economy. The euro rose against the dollar.

“The yen is stronger partly because of the safety principle,” said Steven Barrow, head of Group of 10 research at Standard Bank Plc in London. “The markets may be sensitive to the news around the reopening of banks in Cyprus. The market is well set up for something reasonably aggressive from the BOJ so the downside risks for the yen against the dollar are limited.”

The yen fell 0.1 percent to 120.86 per euro at 7:43 a.m. New York time, after reaching 119.75, the strongest level since Feb. 27. Japan’s currency gained 0.1 percent to 94.33 per dollar. The 17-nation euro rose 0.3 percent to $1.2815. It touched $1.2751 yesterday, the lowest level since Nov. 21.

The Central Bank of Cyprus’s capital controls will include a 300-euro daily limit on withdrawals and restrictions on transfers to accounts outside the country. Banks opened at midday. They will close at 6 p.m. local time, Yiangos Dimitriou, head of the central bank’s audit department, said yesterday in comments broadcast on state-run CyBC television.

Capital Movements…”

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The Aussie Dollar Edges Higher as Traders Expect No Monetary Easing in the Near Future

“The Australian dollar traded 0.1 percent from its highest in two months as traders pared bets on further interest rates cuts by the Reserve Bank and Governor Glenn Stevens didn’t address monetary policy in comments today.

The so-called Aussie climbed against 15 of 16 major peers this month as swaps indicated a 14 percent probability that the nation’s 3 percent benchmark will be lowered when policy makers meet April 2, Bloomberg data show. New Zealand’s kiwi dollar was 0.3 percent from a one-month high as the nation reported an unexpected trade surplus for February.

“Markets aren’t seeing any easing from the RBA next month so that is a factor supporting the currency,” said Matt Cramer, senior foreign-exchange manager in Sydney at Velocity Trade Ltd. “There’s been consistent buying of the Aussie and the Stevens speech had very little implications for the currency.”

The Australian dollar was at $1.0466 as of 5:18 p.m. in Sydney after yesterday reaching as high as $1.0480, the strongest since Jan. 24. It was unchanged at 98.56 yen. New Zealand’s currency was little changed at 83.54 U.S. cents and yesterday touched 83.71, the most since Feb. 25. The kiwi was at 78.67 yen.

The RBA’s Australian dollar trade-weighted index rose 0.1 to 79.3 today, matching the level reached in March 2012, which was the highest since 1985.

The MSCI Asia Pacific Index of stocks fell 0.2 percent.

Rates Prospects…”

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The Yen Falls Against Major Peers as Kuroda Outlines Stimulus Measures

“The yen fell against all its major peers as Bank of Japan (8301) Governor Haruhiko Kuroda outlined monetary easing options to achieve a 2 percent annual inflation goal in two years.

Japan’s currency snapped a three-day advance against the dollar after Kuroda said the BOJ will consider extending the maturities of bond purchases and scrapping a limit on such buying. The euro traded 0.3 percent from a four-month low ahead of debt auctions in Italy, where lawmakers are trying to form a government after inconclusive elections last month.Singapore’s dollar climbed for a fourth day, the longest streak this year.

“The speculative community has driven dollar-yen higher,” saidJonathan Cavenagh, a currency strategist in Singapore atWestpac Banking Corp. (WBC) For Kuroda, “the bar is set quite high in terms of what he’s going to have to deliver to give dollar-yen a significant boost.”

The yen was little changed at 94.21 per dollar as of 6:46 a.m. in London, halting a three-day, 2 percent advance. It lost 0.2 percent to 121.28 per euro. Europe’s 17-nation currency rose 0.2 percent to $1.2873 from yesterday when it touched $1.2830, the lowest since Nov. 22.

Kuroda told lawmakers today that the BOJ will discuss purchasing more bonds with longer maturities. The BOJ currently buys government debt maturing in three years or less through its 76 trillion-yen ($807 billion) asset-purchase program.

He also said the BOJ may scrap its so-called banknote rule of keeping central bank bond holdings at less than the value of banknotes outstanding. Policy specifics will be discussed at the central bank board meeting, Kuroda said, with the next one scheduled for April 3-4.

“Achieving the 2 percent inflation target in two years is something that I have in my mind,” Kuroda said in the lower house of parliament.

Kuroda Testimony…”

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The Euro Pares Gains on Concerns of Political Wrangling Over Cyprus

“The euro erased a gain versus the dollar after touching the highest level in more than a week on concern political wrangling about the deal to bail out Cyprus has undermined faith in Europe’s financial system.

The 17-nation currency weakened against most of its 16 major peers after the provisional agreement that would make Cyprus the fifth country to tap a rescue since the euro crisis began in 2009. The bailout accord will see Cyprus Popular Bank Pcl wound down, wiping out bondholders, and will impose losses on some depositors at Bank of Cyprus Plc. (BOCY)Japan’s currency weakened against all of its 16 major peers before central bank Governor Haruhiko Kuroda speaks to lawmakers tomorrow.

“What people are more worried about, which is really deterring people from going back into the euro zone in size, is the fact that a lot of trust has been broken,” Geoffrey Yu, a senior currency strategist at UBS AG in London, said in a telephone interview. “People are wary about the future of the euro at this point because of the precedents that have been established.”

The euro weakened 0.2 percent to $1.2964 as of 8:24 a.m. inNew York, after reaching $1.3048, the strongest level since March 15. Europe’s shared currency rose 0.2 percent to 123.03 yen, paring an advance of as much as 0.9 percent. Japan’s currency depreciated 0.5 percent to 94.92 per dollar.

Cyprus Accord…”

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The Aussie Dollar Rises as Risk On Comes Back with a Cyprus Deal

“The Australian dollar remained higher, maintaining three weeks of gains, as investors speculated the nation’s banks will be untouched by concerns in Europe that bank deposits are under threat.

New Zealand’s currency traded 0.1 percent from its highest this month even as markets awaited a decision on whether Cyprus will receive the bailout needed to avert financial collapse. The Cypriot parliament rejected a tax on all bank accounts on the island last week, forcing the nation to hunt for other sources to contribute to the rescue package.

“You saw a bit of safe-haven buying last week and, given that our bank ratings are still among the highest in the world, investors are looking favorably on Australia and New Zealand,” said Tim Kelleher, ASB Institutional, a unit of Commonwealth Bank of Australia in Auckland. “The likes ofCanada and Australia, and as a result New Zealand, would probably see an influx of deposits if things worsen in Europe and that would be supportive for the currencies.”

The Australian dollar bought $1.0450 as of 9:52 a.m. in Sydney from $1.0444 in New York last week, when it gained 0.3 percent. It rose as high as $1.0460 on March 22, the strongest since Jan. 30. The Aussie fetched 98.83 yen from 98.67 on March 22. New Zealand’s currency bought 83.55 U.S. cents from 83.58 in New York and touched 83.63 cents on March 22, the most since Feb. 25. It bought 79.03 yen from 78.97….”

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The Yuan Gains To a Level Above the Dollar not Seen in 19 Years

“The yuan strengthened beyond 6.21 per dollar for the first time in 19 years after the central bank raised the currency’s reference rate and as a bailout deal for Cyprus spurred demand for emerging-market assets.

The People’s Bank of China increased the daily fixing by 0.03 percent to 6.2692 per dollar today, the strongest level since Jan. 15. The currencies of Asia’s developing economies appreciated today as euro-area finance ministers approved a bailout for Cyprus. China will maintain a “reasonable” level of investment as it targets a pickup in domestic demand, the China Securities Journal reported today, citing National Development and Reform Commission Vice Chairman Zhu Zhixin.

“A stronger exchange rate could help China tame inflationary pressures and boost domestic consumption by lowering prices of imports,” said Daniel Chan, a Hong Kong- based executive vice president at Glory Sky Global Markets Ltd. “The yuan is also hailed as a stable currency and hence has attracted some fund flows in times of uncertainty.”

The yuan gained 0.02 percent to close at 6.2107 per dollar inShanghai, prices from China Foreign Exchange Trade System show. It touched 6.2095 earlier, the strongest level since the government unified official and market exchange rates at the end of 1993. The currency traded at a 0.95 percent premium to the reference rate, near the 1 percent limit allowed by the central bank.

BRICS Summit…”

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Japan Pops as the Yen Drops on Easing Concerns Over Cyprus

“Japanese shares rose, with the Topix Index climbing from the first weekly drop in five weeks, as the yen weakened after European Union finance ministers approved a bailout agreement for Cyprus today.

Sony Corp. (6758), a consumer-electronics exporter that gets 20 percent of its sales fromEurope, gained 3.1 percent. Fuji Heavy Industries Ltd. rose 2.5 percent on a Nikkei newspaper report that the Subaru maker’s operating profit may surge. Furukawa (5715) Co. soared 22 percent to lead gains on the Nikkei 225 Stock Average after the industrial-machinery maker raised its dividend forecast. Konica Minolta Holdings Ltd. slumped 2.9 percent after the lensmaker’s investment rating was cut.

The Nikkei 225 gained 1.7 percent to 12,546.46 at the close in Tokyo, with volume 30 percent lower than the 30-day average. The Topix climbed 0.8 percent to 1,047.29. All but three of its 33 industry groups advanced.

“Now that they’ve reached an agreement, there’s relief as it seems the financial system has been saved for now,” said Kiyoshi Ishigane, a senior strategist in Tokyo at Mitsubishi UFJ Asset Management Co. in Tokyo, which oversees about $74 billion. “Fundamentals here remain strong, with the trend toward a weakening yen, as well as the global economic recovery with the U.S. and Asia boosting Japanese exporters.” ….”

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G20 Rallied Together by South Korea to ‘Tackle’ A Sliding Yen Problem

South Korea’s newly-appointed finance minister, Hyun Oh Seok, urged international cooperation to tackle a “weak-yen problem” and said that the Group of 20 nations should revisit the issue.

“Japan’s expansionary policies are having various ripple effects on many countries,” Hyun told reporters yesterday in Bundang on his second day as finance chief. “The yen is depreciating while the won is gaining and this is flashing a red light for Korea’s exports.”

Japan’s new central bank Governor Haruhiko Kuroda is poised to boost monetary easing as part of a campaign against deflation, which has already driven down the yen by about 11 percent against the dollar in the past three months. Hyun’s comments revive concerns that his nation aired before and after last month’s G-20 meeting in Moscow, where that organization refrained from criticizing Japanese policies.

“While we will do what we can, we need international cooperation to deal with the weak-yen problem,” Hyun told reporters yesterday. “This should be discussed at the G-20.”

South Korean officials are concerned at the yen’s slide because the nation depends on exports for economic growth and competes in overseas markets with Japanese manufacturers of cars and electronics. At the Moscow meeting, G-20 nations pledged not “to target our exchange rates for competitive purposes,” without any censure of Japan for the yen’s decline.

Japan’s government says it is not targeting the yen, with declines in the currency a side-effect of efforts to end deflation and spur a sustained recovery in the world’s third- biggest economy.

Checking Prices…”

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Aussie Dollar Risk Hits a 13 Year Low as Central Banks and Money Managers Bid on Weakness

“Expectations for price swings in the Australian dollar are near the lowest in almost 13 years relative to major currencies, as central bank purchases of the so-called Aussie damp its sensitivity to political turmoil.

Implied three-month volatility on the Australian dollar, a measure used to price options, fell to 7.20 percent as of 4:21 p.m. in Sydney, the lowest level this week, data compiled by Bloomberg show. The JPMorgan Group of Seven Volatility Index climbed to 9.52 percent, a three-week high. Aussie volatility was 2.43 percentage points less than the JPMorgan gauge on March 19, the widest discount since March 31, 2000.

Central banks buying Australian dollar debt have helped drive the currency’s record eight-month stretch above parity with the U.S. dollar. The Aussie has climbed 0.2 percent this week to $1.0427 and reached $1.0459 yesterday, the strongest since January. Prime Minister Julia Gillard held on as leader of Australia’s minority government, winning the second challenge in a year, while an impasse on Cyprus curbed global risk appetite.

“The Aussie has been attracting really good demand on dips from real money accounts and reserve managers, attracted by the highest yields among a shrinking pool of AAA assets worldwide,” said Sue Trinh, a senior currency strategist at Royal Bank of Canada in Hong Kong. “There’s not enough of a policy difference between the two sides to see the Australian dollar react to the political shenanigans.” …”

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The Kiwi Dollar Rises as Economy Expands on Rebuild of Christchurch

New Zealand’s dollar rose against all of its major peers after data showed the nation’s economy grew at the fastest pace in three years last quarter.

The nation’s bonds fell for the first time in seven days on figures showing gross domestic product rose 1.5 percent from the previous three-month period, exceeding the 0.9 percent median estimate in a Bloomberg News poll. Demand for the so- called kiwi and Aussie dollars was supported after Chinese manufacturing accelerated. Australian Prime Minister Julia Gillardretained leadership of the governing Labor party after an uncontested ballot today.

“It looks like buoyant economic activity in New Zealand will be sustained,” said Mike Jones, a currency strategist at Bank of New Zealand in Wellington. “That’s swayed some doubts about the New Zealand economy and seen the New Zealand dollar enjoy a pretty strong bounce.”

The kiwi rose 0.4 percent to 82.62 U.S. cents at 5:09 p.m. in Sydney. The currency advanced 0.2 percent to 79.14 yen. The Australian dollar traded at $1.0376 from $1.0379 yesterday. It fell 0.3 percent to 99.39 yen from yesterday, when it rose 1 percent.

New Zealand’s GDP growth was almost twice as strong as the Reserve Bank’s 0.8 percent forecast. The nation’s 10-year bond yield climbed five basis points to 3.73 percent The two-year swap rate, a fixed payment made to receive a floating rate, rose five basis points to 2.94 percent. A basis point is 0.01 percentage point.

“The Reserve Bank may have to rethink their expectation that they can hold off on rate hikes until next year,” Bank of New Zealand’s Jones said….”

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The Euro Bounces on Hopes the ECB Will Smooth Over Cyprus Debt Woes

“The euro strengthened from a four- month low against the dollar on speculation the European Central Bank’s pledge to provide liquidity to Cyprus will give it time to renegotiate a financial rescue package.

The 17-nation currency gained for the first time in eight days versus the Swiss franc as the ECB yesterday reaffirmed its commitment to offer funding to Cyprus “within the existing rules,” after Cypriot lawmakers rejected a levy on bank deposits. The Dollar Index (DXY) fell as demand for safety waned and investors awaited the Federal Reserve’s policy decision. The pound rose afterBank of England minutes showed Governor Mervyn King was outvoted in a bid to expand stimulus….”

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The Aussie and Kiwi Dollars Continue to Fall as Cyprus Worries Risk on Traders, U.S. Dollar Called Higher as Safety Investors Find Refuge

Australia’s dollar remained lower after its biggest drop in more than a week versus the greenback after Cyprus’s parliament rejected a bank-deposit levy needed to secure a bailout, sapping demand for high-yielding assets.

Government bonds in Australia and New Zealand rallied as the impasse threatened to reignite the crisis in Europe, boosting the allure of haven securities. The New Zealand dollar, nicknamed the kiwi, fell against most major peers as the government said the country’s most widespread drought in at least 30 years reduces pressure to raise interest rates.

“The U.S. dollar is bid at the moment because of the uncertainty in Europe, and that’s putting other currencies on the back foot, including the Aussie and kiwi,” said Richard Grace, the Sydney-based chief foreign-exchange strategist and head of international economics at Commonwealth Bank of Australia. “The Cypriots have to go back to the drawing board. The danger is they’re forced to implement these bank levies, and the issue of a tax on deposits spreads to other areas ofEurope.”

The Australian dollar was little changed at $1.0376 as of 5 p.m. in Sydney from yesterday, when it dropped 0.3 percent, the biggest decline since March 8. It fell 0.1 percent to 98.63 yen.

The New Zealand dollar slid 0.4 percent to 82.16 U.S. cents from yesterday, when it lost 0.3 percent. The kiwi dropped 0.5 percent to 78.08 yen….”

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