By Mariko Ishikawa and Kristine Aquino -
Oct 16, 2012 7:59 AM GMT+0800
The yen fell for a fourth day
against the dollar before U.S. data this week forecast to show
industrial production and housing starts increased last month,
reducing demand for safety.
The Japanese currency declined against most of its major peers after U.S. stocks rose on signs of improvement in the economy and as Federal Reserve Bank of St. Louis President James Bullard said domestic growth will pick up next year and push down the unemployment rate. New Zealand’s dollar declined after annual inflation grew at the slowest pace in more than 12 years.
“We’re looking for further improvement in U.S. data,” said Mike Jones, a currency strategist at Bank of New Zealand in Wellington. “The U.S. economy is set to outperform Japan and Europe and that should see some support for the U.S. dollar and weakness in the yen.”
The yen weakened 0.2 percent to 78.79 per dollar as of 8:56 a.m. in Tokyo. Japan’s currency slid 0.3 percent to 102.18 per euro from 101.84 yesterday. The euro bought $1.2968 from $1.2949 yesterday.
In the U.S., industrial production probably increased 0.2 percent in September from the previous month, when it declined 1.2 percent, according to the median estimate of economists surveyed by Bloomberg News before the Federal Reserve releases the figures today.
Economists in a separate Bloomberg poll predict that Commerce Department data due Oct. 17 will show new housing construction climbed 20,000 from August to a 770,000 annual rate last month, the most since October 2008. The Commerce department reported yesterday retail sales increased 1.1 percent last month, following a revised 1.2 percent gain in August that was the biggest since October 2010.
Consumer prices in New Zealand rose 0.8 percent in the third quarter from a year earlier, the country’s statistics bureau said in Wellington today. The result was the lowest since the fourth quarter of 1999.
The New Zealand dollar dropped 0.2 percent to 81.68 U.S. cents.
To contact the editor responsible for this story: Rocky Swift at rswift5@bloomberg.net
The Japanese currency declined against most of its major peers after U.S. stocks rose on signs of improvement in the economy and as Federal Reserve Bank of St. Louis President James Bullard said domestic growth will pick up next year and push down the unemployment rate. New Zealand’s dollar declined after annual inflation grew at the slowest pace in more than 12 years.
“We’re looking for further improvement in U.S. data,” said Mike Jones, a currency strategist at Bank of New Zealand in Wellington. “The U.S. economy is set to outperform Japan and Europe and that should see some support for the U.S. dollar and weakness in the yen.”
The yen weakened 0.2 percent to 78.79 per dollar as of 8:56 a.m. in Tokyo. Japan’s currency slid 0.3 percent to 102.18 per euro from 101.84 yesterday. The euro bought $1.2968 from $1.2949 yesterday.
In the U.S., industrial production probably increased 0.2 percent in September from the previous month, when it declined 1.2 percent, according to the median estimate of economists surveyed by Bloomberg News before the Federal Reserve releases the figures today.
Economists in a separate Bloomberg poll predict that Commerce Department data due Oct. 17 will show new housing construction climbed 20,000 from August to a 770,000 annual rate last month, the most since October 2008. The Commerce department reported yesterday retail sales increased 1.1 percent last month, following a revised 1.2 percent gain in August that was the biggest since October 2010.
Stocks Gain
The MSCI Asia Pacific Index of stocks climbed 0.2 percent after the S&P 500 Index (SPX) of U.S. shares gained 0.8 percent yesterday.Consumer prices in New Zealand rose 0.8 percent in the third quarter from a year earlier, the country’s statistics bureau said in Wellington today. The result was the lowest since the fourth quarter of 1999.
The New Zealand dollar dropped 0.2 percent to 81.68 U.S. cents.
To contact the editor responsible for this story: Rocky Swift at rswift5@bloomberg.net
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