Oct. 9 (Bloomberg) -- The dollar rose against the yen and the euro and
government bonds fell after Federal Reserve Chairman Ben S. Bernanke said the
bank will tighten monetary policy once the economy improves. Commodities
slipped.
The U.S. currency advanced as much as 1.3 percent versus the yen, the most
since Aug. 7, and was up 1.2 percent at 10:42 a.m. in New York. Yields on
two-year Treasuries rose as much as 10 basis points and on German notes as much
as 13 basis points. Copper fell 1.5 percent. The Standard & Poor’s 500 Index
rose 0.2 percent.
The Fed will need to raise rates “at some point” to control inflation,
Bernanke said at a Board of Governors conference yesterday in Washington.
Australia’s Reserve Bank unexpectedly increased its key rate Oct. 6. The MSCI
World Index of 23 developed stocks has advanced 4.4 percent this week as U.S.
jobless claims fell more than analysts estimated and Alcoa Inc. reported an
unexpected profit.
Bernanke’s remarks “were interpreted to suggest that the Fed stood ready to
tighten,” Gareth Berry, a currency strategist at UBS AG in Singapore, wrote in
a note today. “The comments come as investors look for evidence that the policy
tightening timetables of other central banks will be brought forward” after the
Australian move.
The Dollar Index, which IntercontinentalExchange Inc. uses to track the
currency against the yen, euro, Swiss franc, pound, Swedish krona and Canadian
dollar, rose 0.3 percent to 76.220. It fell to 75.767 yesterday, the lowest
level since August 2008.
Yen Drops
The yen fell against all 16 most-traded currencies tracked by Bloomberg,
losing 1.2 percent versus the dollar, after Japan’s Cabinet office said
machinery orders rose 0.5 percent in August, compared with the 2.1 percent
increase predicted in a Bloomberg survey of 27 economists.
The increase in the German two-year yield narrowed the gap, or spread, with
the 10-year bund by four basis points to 183 basis points, the lowest level
since April 29, based on closing prices. The U.S. Treasury spread was little
changed at 237 basis points.
Copper for delivery in three months fell as much as 2.1 percent on the London
Metal Exchange, leading a decline in industrial metals. Crude oil was little
changed at $71.90 a barrel in New York trading. Gold for immediate delivery
declined 0.5 percent to $1,049.45 an ounce. The metal rose to a record for
three consecutive days this week.
European Stocks
Europe’s Dow Jones Stoxx 600 Index slipped 0.5 percent after earlier rising as
much as 0.3 percent. BHP Billiton Ltd., the world’s largest mining company,
fell for the first time in five days, losing 0.6 percent.
Developing-nation shares rose for a fifth day. The MSCI Emerging Markets Index
added 0.5 percent, extending its weekly increase to 4.8 percent, the most since
July 17.
The Shanghai Composite Index of stocks in China posted its biggest gain in
five weeks as the nation’s markets opened after an eight-day holiday.
China’s banking regulator said today it would be premature for the government
to start winding down stimulus efforts in the world’s third-largest economy.
“It’s far too early to talk about an exit strategy,” Liu Mingkang, chairman of
the China Banking Regulatory Commission, told a conference in Hong Kong. The
economy “may face a bumpy road ahead.”
The International Monetary Fund on Oct. 1 raised its forecast for global
growth next year as more than $2 trillion in stimulus packages and demand in
Asia pull the world economy out of its worst recession since World War II. The
Washington-based IMF said the economy will expand 3.1 percent in 2010, after a
July forecast of 2.5 percent.
To contact the reporter on this story: Justin Carrigan in London at
jcarri...@bloomberg.net
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