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Dollar Advances Versus Yen Amid Fed Outlook; Aussie Jumps - (Bloomberg)

Posted by Chris Advincula on Aug 6, 2013 6:58:00 AM

The euro approached a seven-week high against the dollar after a report showed Germany’s factory orders rebounded in June more than economists forecast, adding to signs the region is recovering.

The 17-nation currency rose versus most of its 16 major counterparts after separate data showed Italy’s recession eased in the second quarter. The Australian dollar strengthened for a second day against the greenback after the Reserve Bank damped expectations of further interest-rate cuts after reducing its benchmark to a record low.

The euro gained 0.2 percent to $1.3285 at 11:14 a.m. in London after rising to $1.3345 on July 31, the highest level since June 19. The common currency was little changed at 130.35 yen. The dollar declined 0.2 percent to 98.11 yen.

German factory orders, adjusted for seasonal swings and inflation, increased 3.8 percent from May, when they fell a revised 0.5 percent, the Economy Ministry in Berlin said today. Analysts forecast a gain of 1 percent in June, according to the median of 42 estimates in a Bloomberg News survey.

The euro has strengthened 5.7 percent this year, the best performer among 10 developed-nation currencies tracked by Bloomberg Correlation Weighted Indexes. The dollar rose 4.9 percent, while the yen slumped 8.5 percent. 

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