“The Australian and New Zealand dollars were set for a weekly gain as the bigger nation’s Treasurer Wayne Swan said he’s optimistic about China’s outlook.
The so-called Aussie was near a three-month high before Chinese data next week forecast to show the world’s second- largest economy grew last quarter at the fastest pace in a year. The New Zealand dollar’s value relative to its trading peers was close to an all-time high amid speculation the Bank of Japan (8301)’s monetary easing will encourage domestic money managers to increase their investments overseas.
“The Australian and New Zealand dollars are likely to remain resilient,” said Kengo Suzuki, a currency strategist at Mizuho Securities Co. in Tokyo, a unit of Japan’s third-biggest financial group by market value. “The rising optimism toward China’s economy is underpinning both currencies.”
Australia’s dollar added 0.1 percent to $1.0550 at 4:39 p.m. in Sydney after reaching $1.0582 yesterday, the strongest since Jan. 11. It has gained 1.6 percent this week, set for the biggest five-day advance since the period ended March 15.
The New Zealand dollar, known as the kiwi, fell 0.1 percent to 86.22 U.S. cents. It has risen 2.3 percent since April 5, poised for the biggest weekly advance since the period ended June 15.
The kiwi’s trade-weighted currency index climbed to a record 79.67 yesterday, according to data from the Reserve Bank of New Zealand going back to 1985. It’s at 79.17 today.
China’s Economy
China’s gross domestic product probably expanded 8 percent in the three months ended March 31 from a year earlier, the fastest growth since the first quarter last year, according to the median estimate of economists in a Bloomberg News survey. The figures are due for release on April 15…..”
If you enjoy the content at iBankCoin, please follow us on Twitter
