Broadgate Market News 11/4
11 April 2012
The Australian and New Zealand dollars rallied as Standard and Poor’s 500 Index futures advanced, signaling the underlying gauge may halt a five-day drop, supporting demand for riskier assets.
New Zealand’s dollar rebounded from a one-month low against the yen after data showed business confidence improved in the first quarter, adding to signs the country’s economy remains resilient.
The so-called Aussie earlier fell to the weakest in three months as commodities prices tumbled amid concern Europe’s debt crisis is worsening.
European stock futures declined amid concern Spanish bond yields will continue to rise. U.S. index futures climbed, while Asian shares fell.
“Spanish yields are likely to remain in focus this week, with analysts also eyeing any negative spillover into the Italian bond market,” Stan Shamu, a market strategist at IG Markets in Melbourne, wrote.
“Although Spain managed to announce some ambitious budget cuts, analysts remain concerned about the economic contraction this will induce.”
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