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Dollar Falls as Manufacturing Grows; Oil, Copper, Gold Rally
November 2, 2009
[efoods]The dollar slid against high-yielding currencies, led by the Australian dollar, as China reported a surge in manufacturing and investors bet factory production in the U.S. accelerated. Oil, copper and gold climbed.
The so-called Aussie advanced versus 15 of the 16 most- traded currencies as of 10:12 a.m. in London, and the Swedish krona gained against all 16. Oil added 1 percent in New York while copper rose 0.7 percent in London and gold rallied 0.8 percent. Futures on the Standard & Poor’s 500 Index increased 0.7 percent, indicating the benchmark gauge for U.S. equities may rebound from its steepest weekly drop since May.
Manufacturing in China expanded at the fastest pace in 18 months, according to a purchasing managers’ index from HSBC Holdings Plc. The U.S. Institute for Supply Management’s manufacturing index probably climbed to the highest level in three years, a Bloomberg News survey showed. Australian Treasurer Wayne Swan today increased the government’s forecast for growth, fueling speculation the central bank will raise interest rates tomorrow for the second consecutive month.
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