The yen and the Swiss franc rose against all of their most-traded counterparts as investors sought the currencies\u2019 relative safety amid declines in equities and commodities.<\/p>\n
The dollar erased gains against the euro as stocks trimmed losses after a report showed U.S. factory orders rose more than forecast. Canada\u2019s dollar fluctuated after rising earlier as Prime Minister Stephen Harper\u2019s Conservatives won a majority of seats in Parliament for the first time.<\/p>\n
\u201cIt\u2019s somewhat of a risk-off day, and the more defensive currencies are outperforming,\u201d said Paul Mackel, a currency strategist at HSBC Holdings Plc in London. \u201cSome people have been looking at how crowded it was getting to be in terms of short dollars, so you\u2019re seeing some risk being taken off the table.\u201d A short is a bet a currency will fall.<\/p>\n
The yen appreciated 0.1 percent to 120.33 per euro at 11:36 a.m. in New York. Japan\u2019s currency gained 0.4 percent to 80.91 yen per dollar after appreciating to 80.70, the strongest since March 23. The greenback fell 0.4 percent versus the European common currency to $1.4886 after depreciating yesterday to $1.4902, the weakest level since December 2009.<\/p>\n
The Swiss franc gained 0.5 percent to 86.06 centimes per dollar and strengthened 0.2 percent to 1.2803 per euro.<\/p>\n
The dollar earlier strengthened from a 16-month low against the euro on speculation the European currency\u2019s gains this year may not be sustained.<\/p>\n
The Standard & Poor\u2019s 500 Index declined 0.2 percent after dropping 0.5 percent earlier.<\/p>\n
Factory Orders Rise<\/p>\n
Orders placed with U.S. factories rose 3 percent in March, a fifth consecutive increase, the Commerce Department said today. The median forecast of 66 economists surveyed by Bloomberg News projected a 2 percent increase.<\/p>\n
The yen typically strengthens in times of political, financial and economic turmoil. Japan\u2019s trade surplus makes the currency attractive because it means the nation doesn\u2019t have to rely on overseas lenders. The dollar benefits as the world\u2019s main reserve currency. Financial markets in Japan are shut today for a holiday.<\/p>\n
Crude oil for June delivery was down 0.9 percent to $112.56 a barrel in New York, and the Reuters\/Jefferies CRB Index of raw materials fell 0.3 percent<\/p>\n
The Canadian dollar was up 0.1 percent to 94.97 U.S. cents after dropping as much as 0.4 percent and gaining as much as 0.5 percent. Raw materials account for about half of Canada\u2019s export revenue.<\/p>\n
Earlier the Canadian currency gained 0.5 percent and rose against most of its 16 most-active counterparts as Harper won a majority of seats in Parliament, giving him a mandate to fund corporate and personal income tax cuts with curbs on spending.<\/p>\n
Brazil\u2019s Real<\/p>\n
Brazil\u2019s real erased an earlier decline of 0.4 percent to trade at 1.5862 per dollar, up 0.2 percent.<\/p>\n
The Australian and New Zealand dollars slipped for a second day. Commodities make up a majority of exports for the two South Pacific nations.<\/p>\n
\u201cWith a commodity unwind, commodity currencies will come under pressure,\u201d said Tim Kelleher, vice-president of institutional banking and markets at Commonwealth Bank of Australia in Auckland.<\/p>\n
Australia\u2019s dollar declined 0.3 percent to $1.0916 after rising to $1.1012 yesterday, the strongest since its free float in 1983. New Zealand\u2019s dollar, nicknamed the kiwi, fell 0.2 percent to 80.47 U.S. cents.<\/p>\n
The Aussie remained lower after the Reserve Bank of Australia left the overnight cash rate target at 4.75 percent at a policy meeting today. The RBA\u2019s decision was forecast by 21 of 22 economists surveyed by Bloomberg News.<\/p>\n
Sterling Drops<\/p>\n
The pound was the worst performer among major currencies, dropping as an index of U.K. manufacturing growth declined. Markit Economics and the Chartered Institute of Purchasing and Supply index fell to 54.6 in April from 56.7 in March.<\/p>\n
Sterling weakened 1.19 percent to 89.98 pence per euro and touched 90.07, the weakest since March 29, 2010. It slid 0.8 percent to $1.6528.<\/p>\n
Bank of England Governor Mervyn King said high debt levels pose \u201cmassive\u201d economic challenges that would be exacerbated by increased long-term interest rates.<\/p>\n
\u201cThe market continues to price out the chance of a rate hike before the end of August,\u201d said Stephen Gallo, head of market analysis at Schneider Foreign Exchange in London. The delay in an interest rate increase will cause a \u201cselloff in the pound.\u201d<\/p>\n
Bank of England policy makers are split four ways over monetary policy. The central bank probably will leave the key interest rate at a record-low 0.5 percent at the next rate meeting on May 5, according to a Bloomberg News survey.<\/p>\n
Reprisal Concern<\/p>\n
Refuge currencies also gained amid concern that reprisal attacks would follow the death of Osama bin Laden. U.S. and other Western officials emphasized the danger from terrorism may increase. Interpol told its 188 member countries to be on full alert following the killing of the al-Qaeda leader in Pakistan.<\/p>\n
The Swiss franc rose the most over the past week among the 10 developed-nation currencies in the Bloomberg Correlation- Weighted Currency Indexes, adding 0.8 percent. The euro rose 0.7 percent, while the dollar fell 1 percent.<\/p>\n<\/div>\n
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