Reuters: US Dollar Report: FOREX-Yen pushes higher as Aussie falls on China growth concerns

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FOREX-Yen pushes higher as Aussie falls on China growth concerns Apr 23rd 2013, 04:06 Tue Apr 23, 2013 12:06am EDT * Flash HSBC PMI for China points to tepid Q2 recovery * Aussie hits six-week low; yen rises broadly * Stop-loss dollar selling adds to dollar/yen's drop By Masayuki Kitano SINGAPORE, April 23 (Reuters) - The yen rose broadly and the Australian dollar hit a six-week low on Tuesday as a weak reading on the Chinese manufacturing sector stirred worries about the health of the global economy. The Australian dollar touched a low of $1.0222 as of 0337 GMT, its lowest level since March 11, and last changed hands at $1.0224, down 0.4 percent from late U.S. trade. Growth in China's vast factory sector dipped in April as new export orders shrank, according to the flash HSBC Purchasing Managers' Index -- a preliminary survey of factory managers, suggesting the world's No.2 economy still faces formidable global headwinds into the second quarter. The gauge of manufacturing in China, Australia's biggest export market, triggered a renewed fall in the Aussie dollar, which only last week had suffered its biggest weekly percentage drop in nearly a year, hit by concerns about Chinese growth and a rout in commodity prices. Against the yen, the Australian dollar slid about 1.0 percent to 100.85. The yen rose broadly, with the U.S. dollar falling 0.6 percent to about 98.68 yen. The dollar's drop versus the yen gained momentum after triggering some stop-loss dollar offers, said Jeffrey Halley, FX trader for Saxo Capital Markets in Singapore. In addition, Japanese names and some short-term traders were spotted selling cross/yen pairs on Tuesday morning, Halley said. The dollar had made an attempt to break above the psychologically key 100 yen level on Monday after Group of 20 countries gave a stamp of approval to Japan's massive monetary easing program, which sent the yen reeling to a four-year low of 99.95 versus the dollar earlier this month. Although the dollar's latest attempt to break above 100 yen failed, the greenback is seen likely to attract buying against the yen on dips. "Personally feel that any dips in dollar/yen and the related crosses will be bought into," said a trader for a Japanese bank in Singapore. "There is no indication, at least at my end, of any significant move to buy the yen, except on profit-taking," the trader added. The euro also retreated against the yen, falling 0.8 percent to 128.66 yen. Against the dollar, the euro sagged 0.2 percent to $1.3040 , still stuck in a range of $1.30 to $1.32 for now. Keeping a lid on the euro were comments from European Central Bank policymakers that suggested the bank may be leaning towards a cut in interest rates. Link this Share this Digg this Email Reprints

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