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**Glanteeignile** · 03-28-2012, 10:11 AM

Australian, N.Z. Dollars Fall Against Peers on Asia Stock Drops

The Australian and New Zealand dollars slid against most major peers as Asian stocks extended a global retreat, sapping demand for higher-yielding assets.

Both currencies are headed for their first monthly drop this year amid concern Chinese manufacturing will slow, curbing demand for resource exports. The so-called Aussie touched a five-month low against New Zealand’s currency ahead of reports forecast to show annual growth in bank lending was the slowest since August in the larger nation.

“A drop in Asian stocks is a negative catalyst for the South Pacific nations’ currencies,” said Takuya Kawabata, a researcher at Gaitame.com Research Institute Ltd. in Tokyo, a unit of Japan’s largest currency-margin company. “We’d like to be cautious about a Chinese slowdown because it weighs on Australia’s dollar.”

The Aussie declined 0.3 percent to $1.0435 as of 11:54 a.m. in Sydney from yesterday when it dropped 0.7 percent. It sank to as low as NZ$1.2733, a level unseen since Oct. 12. The New Zealand dollar, nicknamed the kiwi, lost 0.2 percent to 81.88 U.S. cents.

The Australian dollar has lost 2.8 percent against the U.S. currency this month, while the kiwi has declined 1.8 percent.

The MSCI Asia Pacific Index (MXAP) of shares dropped 0.3 percent today after the Standard & Poor’s 500 Index fell 0.3 percent in New York yesterday.

HSBC Holdings Plc and Markit Economics said on March 22 that their flash reading for Chinese manufacturing this month was at 48.1, compared with a final 49.6 in February and below the 50 level that divides expansion from contraction. The China Federation of Logistics & Purchasing will issue its purchasing managers index on April 1, with economists predicting a 51 figure. The nation is Australia’s largest overseas market and New Zealand’s second-biggest export destination.

Private credit increased 3.3 percent in February, compared with a 3.5 percent gain the prior month, according to the median estimate of economists in a Bloomberg News survey. The Reserve Bank of Australia will release the figure on March 30.

03-28-2012, 10:11 AM	#24
Glanteeignile Join Date Oct 2005 Posts 565 Senior Member	Australian, N.Z. Dollars Fall Against Peers on Asia Stock Drops The Australian and New Zealand dollars slid against most major peers as Asian stocks extended a global retreat, sapping demand for higher-yielding assets. Both currencies are headed for their first monthly drop this year amid concern Chinese manufacturing will slow, curbing demand for resource exports. The so-called Aussie touched a five-month low against New Zealand’s currency ahead of reports forecast to show annual growth in bank lending was the slowest since August in the larger nation. “A drop in Asian stocks is a negative catalyst for the South Pacific nations’ currencies,” said Takuya Kawabata, a researcher at Gaitame.com Research Institute Ltd. in Tokyo, a unit of Japan’s largest currency-margin company. “We’d like to be cautious about a Chinese slowdown because it weighs on Australia’s dollar.” The Aussie declined 0.3 percent to $1.0435 as of 11:54 a.m. in Sydney from yesterday when it dropped 0.7 percent. It sank to as low as NZ$1.2733, a level unseen since Oct. 12. The New Zealand dollar, nicknamed the kiwi, lost 0.2 percent to 81.88 U.S. cents. The Australian dollar has lost 2.8 percent against the U.S. currency this month, while the kiwi has declined 1.8 percent. The MSCI Asia Pacific Index (MXAP) of shares dropped 0.3 percent today after the Standard & Poor’s 500 Index fell 0.3 percent in New York yesterday. HSBC Holdings Plc and Markit Economics said on March 22 that their flash reading for Chinese manufacturing this month was at 48.1, compared with a final 49.6 in February and below the 50 level that divides expansion from contraction. The China Federation of Logistics & Purchasing will issue its purchasing managers index on April 1, with economists predicting a 51 figure. The nation is Australia’s largest overseas market and New Zealand’s second-biggest export destination. Private credit increased 3.3 percent in February, compared with a 3.5 percent gain the prior month, according to the median estimate of economists in a Bloomberg News survey. The Reserve Bank of Australia will release the figure on March 30.
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