“Australia’s dollar rose against most of its 10 developed-market peers on speculation Japan will increase spending to bolster its economy, supporting demand for assets linked to global growth.
The so-called Aussie advanced versus the New Zealand dollar before data this week forecast to show improvement in retail sales and building approvals in Australia. New Zealand’s currency, known as the kiwi, weakened against the majority of its peers as Asian stocks halted an advance from last week.
“Considering the relatively deep economic ties, an accelerated rebound in Japan’s economy will be positive” for the Australian currency, said Kengo Suzuki, a strategist in Tokyo at Mizuho Securities Co., a unit of Japan’s third-largest bank by market value. Suzuki said he is “bullish” on the Australian dollar.
The Australian dollar traded at $1.0469 as of 4:23 p.m. in Sydney after rising 0.1 percent on Jan. 4 to $1.0480. The Aussie advanced 0.2 percent to NZ$1.2627. The kiwi fell 0.3 percent to 82.90 U.S. cents…”
If you enjoy the content at iBankCoin, please follow us on Twitter
