Titel : FOREX - Aussie leads US dlr selloff
Link : FOREX - Aussie leads US dlr selloff
FOREX - Aussie leads US dlr selloff
Thu Oct 8, 2009
By Jamie McGeever
LONDON, Oct 8 2009 (Reuters) - The dollar weakened on Thursday after strong Australian jobs data sent the Australian dollar sharply higher and an upbeat U.S. corporate earnings report fuelled investor demand for higher risk and yield at the expense of the greenback.
Australian data beat expectations for a fall in jobs in September, with 40,600 positions created instead, pushing the Aussie to a 14-month high against the U.S. currency as markets anticipated more interest rate hikes to come. [ID:nSYD431125]
U.S. aluminium producer Alcoa Inc (AA.N) reported a surprise third quarter profit, which boosted overall bullishness about a global recovery. [ID:nN07320124] European stocks rose at the open and Wall Street futures pointed to a higher open too.
But European traders are unlikely to move currencies as much as their counterparts in Asia did, as they await the European Central Bank and Bank of England policy meetings later in the day.
"The Aussie data was way above expectations ... and certainly backs up what they did this week," said Derek Halpenny, currency economist at BTM-UFJ in London, refering to the Reserve Bank of Australia's rate hike earlier this week.
"Equity markets are up, and the general sentiment there is good after the Alcoa figures," he said, explaining that until U.S. interest rates and yields rise too, a backdrop of rising equities and risk appetite will be broadly dollar-negative.
At 0730 GMT the dollar index .DXY, a measure of the greenback against six major currencies, was down 0.7 percent on the day at 75.95, a two-week low and not far off its 2009 low set last month at 75.827.
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By Jamie McGeever
LONDON, Oct 8 2009 (Reuters) - The dollar weakened on Thursday after strong Australian jobs data sent the Australian dollar sharply higher and an upbeat U.S. corporate earnings report fuelled investor demand for higher risk and yield at the expense of the greenback.
Australian data beat expectations for a fall in jobs in September, with 40,600 positions created instead, pushing the Aussie to a 14-month high against the U.S. currency as markets anticipated more interest rate hikes to come. [ID:nSYD431125]
U.S. aluminium producer Alcoa Inc (AA.N) reported a surprise third quarter profit, which boosted overall bullishness about a global recovery. [ID:nN07320124] European stocks rose at the open and Wall Street futures pointed to a higher open too.
But European traders are unlikely to move currencies as much as their counterparts in Asia did, as they await the European Central Bank and Bank of England policy meetings later in the day.
"The Aussie data was way above expectations ... and certainly backs up what they did this week," said Derek Halpenny, currency economist at BTM-UFJ in London, refering to the Reserve Bank of Australia's rate hike earlier this week.
"Equity markets are up, and the general sentiment there is good after the Alcoa figures," he said, explaining that until U.S. interest rates and yields rise too, a backdrop of rising equities and risk appetite will be broadly dollar-negative.
At 0730 GMT the dollar index .DXY, a measure of the greenback against six major currencies, was down 0.7 percent on the day at 75.95, a two-week low and not far off its 2009 low set last month at 75.827.
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