Australia’s dollar traded 0.4 percent from a four-year low as central bank officials continued to call the currency overvalued amid a slump in iron ore prices. The yen extended gains from near the weakest in seven years against the U.S. dollar before Bank of Japan board member Sayuri Shirai speaks today. The euro held a two-day gain versus the greenback before euro-area inflation data this week. The Aussie fell against all its major peers yesterday after Reserve Bank of Australia Deputy Governor Philip Lowe said the currency is likely to drop and the economy “has some challenges ahead.” Australia’s dollar was little changed at 85.48 U.S. cents as of 9:06 a.m. in Tokyo from 85.30 cents yesterday, when it touched 85.14 cents, the least since July 2010. The yen traded at 117.79 per dollar from 117.97, following a 0.3 percent gain in New York. The euro was little changed at $1.2481. It bought 147.03 yen from 147.17. Iron-ore futures for May delivery slid 2.7 percent on the Dalian Commodity Exchange yesterday. Iron ore is Australia’s largest export.
Posted on: Wed, 26 Nov 2014 01:22:39 +0000
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