The common currency climbed to a two-week high versus the yen as a measure of Spanish manufacturing also increased,
damping speculation the European Central Bank will boost stimulus. Sweden's
krona rallied for a second day after the country's factory output unexpectedly
accelerated. South Africa's rand fell after manufacturing development slowed
more in March than economists predicted. South Korea's won rose to the strongest
in 6 weeks as exports elevated.
"We do not feel the ECB will be pushed into action yet," said Gemma Harrison, a senior currency strategist at Cavendish
Investor in London. "We will continue to see a strengthening euro in the short
to midterm."
The euro rose 0.2 percent to $1.3799 at 7:07 a.m. in New York, after gaining 0.2 percent throughout the previous two days. The shared
currency appreciated 0.4 percent to 142.65 yen after climbing to 142.68 yen, the
highest level since March 13. The dollar strengthened 0.1 percent to 103.37
yen.
The number of people out of work in Germany dropped by a seasonally adjusted 12 Telvin Smith Jaguars Jersey ,000 in March to 2.9 million, after dropping a revised 15,000 the prior month, the Federal Labor Agency stated. Economists
forecast a decline of 10,000, according to a Bloomberg survey. A gauge of
Spanish factory output increased to 52.8 from 52.3 Allen Hurns Jaguars Jersey , Market Economics stated, citing a survey of purchasing managers. Readings above 50 show growth.
Euro's Gain
The euro has rallied 7.9 percent in the previous 12 months, the best performer after the pound amongst 10 developed-nation currencies tracked by
Bloomberg Correlation-Weighted Indexes. The dollar dropped 0.4 percent and the
yen tumbled 11 percent.
Policy makers in Frankfurt will keep the benchmark interest rate at a record-low 0.25 percent on Thursday, based on all
but 3 of 57 economists in a Bloomberg News survey. One forecaster predicted a
cut to 0.1 percent while two called for 0.15 percent.
The krona rose versus all except two of its 16 major counterparts after Stockholm-based
Swedbank AB said its index of Swedish factory output increased to a seasonally
adjusted 56.5 last month from 54.6 in February.
The Swedish currency climbed 0.1 percent to 8.9035 per euro and appreciated 0.3 percent to 6.4531
versus the dollar.
Rand Drops
The rand snapped a six-day advance after South Africa's Kagiso Tiso Holdings said its measure of the nation's
factory output fell to 50.3 from 51.7 in February. The median prediction in a
Bloomberg survey was 51.2.
The South African currency weakened 0.5 percent to 10.5836 per dollar after appreciating 3.4 percent in the previous six
days.
South Korea's won appreciated for a fifth day, gaining 0.6 percent to 1,058.70 per dollar at the close in Seoul Chris Ivory Jaguars Jersey , the strongest level since Feb. 17.
Overseas sales for the Asian nation climbed 5.2 percent in March from a year earlier,
beating the 4.2 percent gain projected in a Bloomberg survey.
Australia's dollar reached a four-month high after the Reserve Bank held interest rates at a
record-low 2.5 percent. It reversed gains after Governor Glenn Stevens said the
currency's current climb will decrease the stimulus provided to the
economy.
The Aussie gained as much as 0.4 percent to 93.04 U.S. cents, the strongest since Nov. 21, before weakening 0.3 percent to 92.39. Author Resource:- It is possible to read much more regarding Business News from our own helpful Business News 365
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