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Dollar Index Advances Before Fed Speakers; Aussie, Kiwi Decline - (Bloomberg)

Posted by Chris Advincula on Sep 24, 2013 7:17:00 AM

The Bloomberg U.S. Dollar Index rose amid speculation Federal Reserve officials speaking today will signal policy makers are still intending to slow the pace of asset purchases that have debased the currency.

The gauge approached the highest level in a week before Fed Bank of Kansas City President Esther George and Cleveland Fed President Sandra Pianalto speak today, after New York Fed President William C. Dudley said tapering was possible this year. The Australian and New Zealand dollars weakened as Asian stocks declined, reducing demand for the region’s higher-yielding assets.

Markets are waiting for “more Fed comments or payrolls data, more direction on the timing of the taper,” said Jane Foley, senior currency strategist at Rabobank International in London. “Many people don’t have a strong view on that right now and they want to see that next payrolls number will tell us before coming to a strong conclusion on the dollar.”

The Bloomberg U.S. Dollar Index, which tracks the greenback against 10 major currencies, rose 0.2 percent to 1,013.44 at 6:29 a.m. in New York after climbing to 1,014.10 on Sept. 20, the highest level since Sept. 18.

The U.S. currency gained less than 0.1 percent to $1.3487 per euro after rising 0.2 percent yesterday. The greenback was little changed at 98.82 yen. The euro declined 0.1 percent to 133.27 yen.

Australia’s dollar fell 0.4 percent to 93.88 U.S. cents, and New Zealand’s currency tumbled 1.1 percent to 82.85 cents. 

 

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