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The euro gained versus the dollar for a second day as speculation persisted that Spain will eventually seek a bailout even after Prime Minister Mariano Rajoy said a request for rescue funds is not imminent. Spain’s Rajoy said today he has no plans to request a bailout soon, fending off mounting speculation that a bid was near. Asked at a press conference in Madrid if a bailout request was imminent, Rajoy said: “No.”
The yen fell versus most major currencies on bets Japan may act to weaken the currency, while the euro rose as Spanish and Italian bonds advanced before the European Central Bank meets Oct. 4. The Frankfurt-based ECB will keep its main refinancing rate unchanged at a record low 0.75 percent at this week’s meeting and will reduce it by the end of the year, a Bloomberg survey of economists forecast.
Australia’s dollar slid to a three- week low against its U.S. peer after the Reserve Bank of Australia unexpectedly cut its benchmark interest rate. RBA Governor Glenn Stevens and his board cut Australia’s overnight cash-rate target by a quarter-percentage point to 3.25 percent, the central bank said in a statement in Sydney today. It’s the lowest level since 2009.
New Zealand’s dollar gained versus most major peers after a report showed commodity export prices advanced last month, buoying the currency. ANZ National Bank Ltd.’s price index advanced 3.5 percent to 263 in September, its highest level since April.
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