March 30 (Bloomberg) -- The dollar and euro fell against the currencies of commodity-producing nations from South Africa to Australia as global stocks rose and oil traded near the highest level in more than a week.
The two currencies also declined against the pound as sterling climbed to its strongest level since March 19 after a report showed the U.K.’s economy expanded in the fourth quarter faster than previously estimated and its house prices rose this month. The euro erased gains versus the dollar after Greece’s seven-year notes fell during the first day of trading, adding to concern the nation will struggle to cut its deficit.
“The market is fairly stable as we see strength in the commodity bloc,” said Peter Frank, a strategist at Societe Generale SA in London. “Global risk conditions are quite buoyant.”
The dollar was little changed at $1.3471 per euro at 9:17 a.m. in New York after a 0.5 percent decline yesterday, and rose 0.2 percent to 92.66 yen from 92.46 yesterday. The pound gained 0.8 percent to $1.5103 after climbing earlier to $1.5114. The U.K. currency appreciated 0.8 percent to 89.21 pence per euro, from 89.96.
The South African rand gained 0.5 percent to 7.3658 per dollar and advanced 0.6 percent to 9.9287 against the euro. The Australian dollar rose 0.4 percent to 92.10 U.S. cents and 0.4 percent to 68.34 euro cents.
The MSCI World Index rose for a fourth day, gaining 0.3 percent.
Home prices in 20 U.S. cities unexpectedly rose in January, indicating the housing market is stabilizing as the economy expands. The S&P/Case-Shiller home-price index increased 0.3 percent from the prior month on a seasonally adjusted basis after a similar gain in December, the group said today in New York. Prices were forecast to fall 0.3 percent, according to the median forecast in a Bloomberg News survey of economists.
To contact the reporters on this story: Oliver Biggadike in New York at obiggadike@bloomberg.net; Inyoung Hwang in New York at ihwang7@bloomberg.net
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