Friday November 30, 2007, 10:25 am
SYDNEY, Nov 30 (Reuters) - The Australian dollar consolidated above 88 U.S. cents on Friday, but well below this week's peak as fresh strains in credit markets kept investors away from risky asstes such as higher-yielding currencies.
* Worries about a global slowdown and its impact on demand for commodities also kept investors from going long on the Australian dollar. Australia is a big exporter of natural resources and buoyant demand for commodities has seen the country's terms of trade rise to a three decade high.
* Latest data from the United States underlined views that the housing slump and tight credit conditions were taking a toll on the economy and the Federal Reserve would have to move to cut interest rates next month.
* The U.S. Commerce Department said median home sales prices in October tumbled at the steepest rate since 1970 on a year-on-year basis to $217,800, a 13 percent drop [nN29354577].
* Separately, the Labor Department said new claims for unemployment aid jumped by 23,000 last week to the highest since February, though the figure might have been affected by the fact that last Thursday was the U.S. Thanksgiving Day holiday [nN29354577].
* At 9:40 a.m. (2340 GMT), the Aussie AUD= was at $0.8813/16, slightly lower than $0.8826/30 late here on Thursday. It had struck a one-week high of $0.8921 Wednesday, when a recovery in risk appetite lifted stocks and boosted higher-yielding currencies.
* Soaring inter-bank rates LIBOR reminded wary investors the days of tight liquidity were far from over. Signs that the crisis was getting worse came as German banks rallied to rescue subprime casualty IKB IKBG.DE for the second time in four months [nL29885935].
* Standard and Poor's cut the ratings on 106 classes from 22 cash flow and hybrid collateralised debt obligations, highlighting the ongoing turmoil caused by the subprime mess in the United States and banks' exposure to toxic debt [nWNA7389].
* The Aussie was at 96.74/84 yen, slightly lower than 96.97/97.07 yen late here on Thursday, as investors remained wary about risky carry trades as they sought safe-haven assets. It had struck a 1-week high on Wednesday.
* Focus is now on Australia's third-quarter current account deficit data to be released at 11:30 a.m. (0030 GMT). A Reuters poll showed market forecasts centred on a median deficit of A$16.40 billion ($14.5 billion) for the three months to the end of September. Also to be released is private sector credit data from the Reserve Bank of Australia.
* Data on Thursday showed business investments had slowed in the third quarter, prompting some analysts to scale back forecasts for a robust GDP number.
* Australian bond futures rose, taking their cue from U.S. Treasuries which gained on renewed safe-haven buying with weak economic data also boosting expectations of a hefty rate cut by the Federal Reserve.
* Worries about a global slowdown and its impact on demand for commodities also kept investors from going long on the Australian dollar. Australia is a big exporter of natural resources and buoyant demand for commodities has seen the country's terms of trade rise to a three decade high.
* Latest data from the United States underlined views that the housing slump and tight credit conditions were taking a toll on the economy and the Federal Reserve would have to move to cut interest rates next month.
* The U.S. Commerce Department said median home sales prices in October tumbled at the steepest rate since 1970 on a year-on-year basis to $217,800, a 13 percent drop [nN29354577].
* Separately, the Labor Department said new claims for unemployment aid jumped by 23,000 last week to the highest since February, though the figure might have been affected by the fact that last Thursday was the U.S. Thanksgiving Day holiday [nN29354577].
* At 9:40 a.m. (2340 GMT), the Aussie AUD= was at $0.8813/16, slightly lower than $0.8826/30 late here on Thursday. It had struck a one-week high of $0.8921 Wednesday, when a recovery in risk appetite lifted stocks and boosted higher-yielding currencies.
* Soaring inter-bank rates LIBOR reminded wary investors the days of tight liquidity were far from over. Signs that the crisis was getting worse came as German banks rallied to rescue subprime casualty IKB IKBG.DE for the second time in four months [nL29885935].
* Standard and Poor's cut the ratings on 106 classes from 22 cash flow and hybrid collateralised debt obligations, highlighting the ongoing turmoil caused by the subprime mess in the United States and banks' exposure to toxic debt [nWNA7389].
* The Aussie was at 96.74/84 yen, slightly lower than 96.97/97.07 yen late here on Thursday, as investors remained wary about risky carry trades as they sought safe-haven assets. It had struck a 1-week high on Wednesday.
* Focus is now on Australia's third-quarter current account deficit data to be released at 11:30 a.m. (0030 GMT). A Reuters poll showed market forecasts centred on a median deficit of A$16.40 billion ($14.5 billion) for the three months to the end of September. Also to be released is private sector credit data from the Reserve Bank of Australia.
* Data on Thursday showed business investments had slowed in the third quarter, prompting some analysts to scale back forecasts for a robust GDP number.
* Australian bond futures rose, taking their cue from U.S. Treasuries which gained on renewed safe-haven buying with weak economic data also boosting expectations of a hefty rate cut by the Federal Reserve.
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