“Australia’s dollar rose versus most of its 16 major counterparts on prospects Reserve Bankofficials meeting next week will refrain from cutting borrowing costs.
The so-called Aussie climbed for a third day against the yen and reversed an earlier decline versus the dollar, following reports that signaled a slowdown in Chinese manufacturing expansion. New Zealand’s currency, known as the kiwi, strengthened versus the dollar and yen as a pullback in Asian stock losses outweighed data today that showed an unexpected drop in the country’s terms of trade.
“The RBA is in wait-and-see mode,” said Andrew Salter, a currency strategist at Australia & New Zealand Banking Group Ltd. (ANZ) In Sydney. “We’re coming to the bottom of the range in the Aussie. We see value at current levels.” ANZ predicts the Australian currency will trade at $1.05 by Dec. 31.
The Aussie added 0.2 percent to $1.0235 as of 4:48 p.m. in Sydney, set for a weekly drop of 0.8 percent. It gained 0.2 percent to 94.76 yen.
New Zealand’s currency rose 0.3 percent to 82.74 U.S. cents. It’s poised to fall 1.3 percent this week, the biggest decline since Dec. 21. It climbed 0.3 percent to 76.60 yen….”
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