“Australia’s dollar rose, trading 0.2 percent from its highest level in more than a week as gains in commodity prices boosted demand for the currency.
The so-called Aussie strengthened versus most of its 16 major counterparts this week after prices for iron ore, Australia’s top export, climbed to the most in more than two months. A report yesterday showed claims for jobless benefits in the U.S. fell to the least since February 2008, buoying risk appetite. Data today may show confidence in the world’s biggest economy stayed near the strongest level since May. New Zealand’s dollar, nicknamed the kiwi, rose as Asian stocks advanced.
“Iron ore prices have improved,” said Hans Kunnen, chief economist at St. George Bank Ltd. in Sydney. “The labor market may be picking up a touch in the U.S. It’s positive for the Aussie and it’s positive for risk.”
The Australian dollar added 0.1 percent to $1.0277 as of 4:49 p.m. in Sydney from $1.0264 yesterday, when it reached $1.0294, the highest since Oct. 2. It has climbed 0.9 percent this week. New Zealand’s currency strengthened 0.2 percent to 81.91 U.S. cents and is poised for a 0.2 percent weekly advance.”
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