Australian and NZ Dollars Rise as Asian Stocks Advance

The Australian and New Zealand dollars rose against most of their major counterparts as Asian stocks gained, boosting demand for riskier assets.

Australia’s bonds fell, boosting the benchmark 10-year yield to the highest level in more than two weeks, after data showed the nation’s business confidence for December rebounded by the most in more than a decade. The so-called kiwi dollar snapped a three-day drop against the greenback after New Zealand’s annual trade deficit unexpectedly narrowed.

“The bond yields in Australia and New Zealand jumped quite a bit,” said Joseph Capurso, a currency strategist in Sydney at Commonwealth Bank of Australia (CBA), the nation’s largest lender. “The global environment of higher bond yields, as well as a rise in equity markets, is providing some support to the Aussie and kiwi.”


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