By Kristine Aquino and Monami Yui - Apr 2, 2012 6:31 AM GMT+0700
The dollar fell versus 13 of its 16 major peers, extending a decline from last quarter, as signs growth is recovering globally damped demand for haven assets.
The U.S. currency dropped against the Australian and New Zealand dollars before a report today from the Institute for Supply Management forecast to show a gauge of U.S. manufacturing climbed in March. Japan’s Tankan survey may show confidence among large manufacturers improved. The euro strengthened versus the dollar and yen after European governments called for a bigger global financial emergency fund after engineering a firewall to fight the region’s debt crisis.
“The market is looking for better ISM and even a rebound in the Tankan and just globally better indications of economic growth ahead,” said Emma Lawson, a Sydney-based currency strategist at National Australia Bank Ltd. (NAB) “Across the board, you’re seeing the U.S. dollar a little bit weaker.”
The dollar lost 0.2 percent to $1.3363 per euro as of 8:28 a.m. in Tokyo. It was little changed at 82.81 yen. The euro added 0.1 percent to 110.66 yen. The greenback slid 0.8 percent to $1.0433 per so-called Aussie and declined 0.5 percent to 82.24 cents per New Zealand dollar.
Manufacturing Gauges
The ISM’s factory index for the U.S. probably rose to 53 last month from 52.4 in February, according to the median estimate of economists surveyed by Bloomberg News before the figures are released today. A separate poll predicted the Tankan index for Japan’s largest manufacturers climbed to minus 1 in the three months ended March 31 from minus 4 in the previous period. The Bank of Japan (8301) will publish the data today.
China’s Purchasing Managers’ Index (CPMINDX) climbed to a one-year high of 53.1 last month, the logistics federation and the National Bureau of Statistics said yesterday. The gauge has a pattern of rising each March.
Euro-area finance ministers decided on March 30 that 500 billion euros ($668 billion) in fresh money would go along with 300 billion euros already committed to create an 800 billion- euro defense against the debt crisis. The region’s leaders are set to encourage Group of 20 economies to bulk up the International Monetary Fund’s emergency fund at an April 19-20 meeting.
To contact the reporters on this story: Kristine Aquino in Singapore at kaquino1@bloomberg.net; Monami Yui in Tokyo at myui1@bloomberg.net
To contact the editor responsible for this story: Rocky Swift at rswift5@bloomberg.net
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