The Australian and New Zealand dollars rose versus the greenback as gold rallied from the biggest drop in three decades, fueling appetite for risk.
The South Pacific nations’ currencies rebounded from weekly losses as monetary stimulus from the U.S. to Japan increased demand for higher-yielding assets. New Zealand’s kiwi dollar was supported after data showed net immigration almost doubled.
“The fact that we seem to have put that gold flash crash behind us is helping people’s nerves,” supporting demand for the Aussie and kiwi, said Sean Callow, a senior currency strategist in Sydney at Westpac Banking Corp. (WBC) “The ongoing money printing by major central banks is also helping.”
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