The Australian dollar climbed after Reserve Bank Governor Glenn Stevens said he isn’t seeking a particular exchange-rate response to monetary policy.
The so-called Aussie advanced versus all of its 16 major counterparts as Stevens said borrowing costs are “at the appropriate level right now” in testimony to a parliamentary committee. The South Pacific currency pared a sixth-straight weekly loss, its longest losing streak since 2006.
“Stevens’ comments are very firmly focused on what a strong currency means for inflation rather than including any threat of action,” said Sean Callow, a senior currency strategist in Sydney at Westpac Banking Corp. (WBC) “The tone of his prepared comments indicate no great urgency to cut rates in the near term.”
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