Thursday, June 11, 2009

learn how to trade forex June 11 Live currency trading room

The dollar declined against higher yielding currencies as speculation the global recession is easing prompted investors to buy riskier assets.

The New Zealand and Australian dollars gained the most of the 16 most-active currencies after New Zealand's central bank left interest rates unchanged for the first time in a year and Australia reported a smaller-than-expected drop in jobs. The euro rose against the dollar on speculation European Central Bank officials will signal a reluctance to cut interest rates, maintaining the currency’s appeal. Benchmark interest rates are 3 percent in Australia and 2.5 percent in New Zealand, compared with 0.1 percent in Japan and as low as zero in the U.S., attracting investors to the South Pacific nations’ higher-yielding assets.

The euro rose against the dollar on speculation European Central Bank President Jean-Claude Trichet will signal in a speech in Sofia tomorrow that there is no need to cut interest rates further.

The dollar dropped to $1.4015 per euro as of 8:05 a.m. in London from $1.3984 yesterday in New York. Japan's currency traded at 137.29 per euro from 137.21. It fell to 139.22 on June 5, the weakest since Oct. 15. The U.S. currency fell to 97.83 yen from 98.12 yen.

New Zealand's dollar climbed 2 percent to 63.84 U.S. cents, and advanced 1.6 percent to 62.44 yen. Australia's dollar rose 0.8 percent to 80.97 U.S. cents and gained 0.6 percent to 79.23 yen.

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