The yen held a two-day decline after China cut
interest rates, spurring speculation stocks in Asia will climb and damp
demand for haven assets.
A gauge of the dollar was 0.1 percent from the
highest close since at least 2004 on prospects the Federal Reserve will
raise interest rates this year, boosting the currency’s allure.
Australia’s dollar dropped before the Reserve Bank sets monetary policy
at a meeting on Tuesday.
Japan’s currency fell 0.1 percent to 119.77 yen per
dollar as of 8:35 a.m. in Tokyo, extending a slide that pushed it down
0.6 percent over the past two days.
The Bloomberg Dollar Spot Index, a gauge of the
currency versus 10 major peers, gained 0.1 percent to 1,174.06 Monday,
after touching 1,174.87 on Feb. 11, which was the highest level in data
going back to 2004.
The Aussie fell 0.2 percent to 77.90 U.S. cents. The euro declined 0.3 percent to $1.1168.
The People’s Bank of China lowered the one-year
deposit rate to 2.5 percent and the one-year lending rate to 5.35
percent, effective Sunday, the Beijing-based central bank said on its
website. The decision preceded data showing a Chinese gauge of
manufacturing contracted in February.
Traders are betting there’s a 60 percent chance the
Reserve Bank of Australia will lower the 2.25 percent cash rate to a
record 2 percent on Tuesday, swaps data compiled by Bloomberg show.
Eighteen of 29 economists in a Bloomberg News survey predict a cut.
New Zealand’s dollar fell 0.3 percent at 75.43 U.S. cents.
Source: Bloomberg
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