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Monday June 4, 2007 - 20:49:04 GMT
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FOREX NEWS-Dollar falls as investors favor high-yielders

FOREX-Dollar falls as investors favor high-yielders
Mon Jun 4, 2007 4:41 PM ET

(Corrects to remove euro at record high against sterling in the second paragraph and clarifies Australian dollar and New Zealand dollar highs were against the yen.)

By Vivianne Rodrigues

NEW YORK, June 4 (Reuters) - The dollar declined broadly on Monday as the U.S. currency failed to extend gains after last week's robust jobs data, while demand for currencies linked to rising interest rates strengthened.

The euro jumped to a record high against the low-yielding yen, and the Australian and New Zealand dollars rose to fresh multi-year peaks against the Japanese currency as well.

A tumble of more than 8 percent in China's benchmark equity index gave the yen brief respite earlier in the session. But unlike late February, when a sell-off on the Shanghai bourse sparked slides in global equity markets and liquidation of foreign exchange carry trades, Monday's gains in the yen were modest.

Instead the focus returned to the outlook for interest rates in Europe and the United States. Friday's news of 157,000 jobs added in May helped cut expectations for a rate cut by the Federal Reserve this year. In contrast, the European Central Bank is seen likely to increase rates to 4 percent on Wednesday and possibly signal further hikes.

"The preference today for higher-yielding currencies is across the board," said Brian Taylor, a senior currency trader at M&T Bank in Buffalo, New York. "After a leg of gains in the dollar last week, now investors are back in the hunt for for higher rates and higher yields."

By early morning in New York, the euro was 0.3 percent higher at $1.3482 , after reaching an eight-week low on Friday at $1.3391. The dollar was down 0.4 percent at 121.57 yen .

The euro jumped to a record higher against the yen to trade at 164.36 , a lifetime high, according to electronic platform EBS.

"Risk appetite remains fairly strong, supporting carry trades. The ECB meeting this week should indicate that the ECB has a lot more to do (on rate increases) while the economy in Japan is sluggish," said Niels From, currency strategist at Dresdner Kleinwort.

After Friday's deluge of U.S. data, investors are looking ahead for a report on factory orders due at 10 a.m. (1400 GMT) and to a series of central bank policy meetings later this week.

ECB President Jean-Claude Trichet on Monday said that there is no time for complacency in the euro zone despite encouraging growth -- supporting market expectations of a rate increase this week and at least one more move by year-end.

In addition to the ECB, central banks in Britain, Australia and New Zealand will make rate announcements this week, and are all expected to leave interest rates unchanged.

Australia and New Zealand's central banks are also seen tightening policy later this year.

Such expectations have helped push the Aussie recently to a 15 year peak against the low-yielding yen and the kiwi to a 17-year high .

(Additional reporting by Toni Vorobyova and Veronica Brown)

© Reuters 2007. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.


 

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