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Dollar gains as Fed official discusses stimulus-taper decision

By John Detrixhe, Bloomberg

June 28, 2013 • Reprints

The dollar rallied against the majority of its most-traded counterparts as Federal Reserve Governor Jeremy Stein said the central bank may make a decision in September about tapering monetary stimulus.

The yen fell to the weakest level versus the dollar since June 6 and 10-year Treasury yields rose as Fed officials sought to clarify policy on providing stimulus to the world’s biggest economy. The euro reversed gains and the International Monetary Fund said the currency made up the smallest share of allocated central-bank reserves since 2004.

Stein’s comments “really got Treasuries moving and got the dollar steam rolling,” Brian Kim, a currency strategist at Royal Bank of Scotland Group Plc’s RBS Securities unit in Stamford, Connecticut, said in a telephone interview.

The dollar rose 1% to 99.28 per yen at 1:50 p.m. in New York. The greenback added 0.3% $1.3004 per euro. Japan’s currency weakened 0.7% to 129.10 per euro.

U.S. 10-year note yields rose five basis points, or 0.05 percentage point, to 2.52%.

Market Timing

South Africa’s rand has gained 1.8% to the greenback this month, while Australia’s dollar has declined 4.6%. This quarter, the euro has led all major gainers with a 1.4% increase, while the worst-performing Aussie has slipped 12.3%. The greenback is the best-performing currency in 2013 and the rand has plunged 14.5%.

India’s currency gained the most in nine months as investors reassessed projections for a reduction in U.S. stimulus. The rupee surged as much as 1.7%, the most since Sept. 21, before trading at 59.39 per dollar. That pared its drop this year to 7.4%.

The U.S. dollar was 62.2% of allocated reserves in the January-March period, compared with 61.2% the prior quarter, according to the IMF data. The euro’s share was 23.7%, compared with 24.2% in the fourth quarter of 2012, it showed.

Reserve managers around the world held about $194 billion in Australian and Canadian currencies, according to the first IMF data on the global holdings of the two currencies.

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About the Author

Copyright 2014 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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Related Terms
US Federal Reserve 8527bank 6455Bloomberg 5254dollar 3859fed 3336forex 2882Euro 2647International Monetary Fund 1712Federal Reserve 1207fx 1080Federal Government 965JPMorgan Chase & Co. 818Michigan 789Federal Open Market Committee 773Qe 751Connecticut 587Stimulus 475University of Michigan 211Royal Bank of Scotland Group Plc 206group of seven 103Dollar index 94RBS Securities 34Depository Trust Clearing Corp. 33Jeremy Stein 18Brian Kim 16allocated central-bank reserves 1

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