Australia’s currency climbed against 15 of its 16 major counterparts after data on China’s manufacturing surpassed economist estimates, boosting prospects for the South Pacific nation’s commodity exports.
The Aussie snapped a two-day decline versus the dollar and three-year government notes fell as Asian shares advanced, sapping demand for safer assets. New Zealand’s dollar remained lower against the greenback as investors ponder whether the Federal Reserve will start to taper monetary stimulus that has weighed on the U.S. currency.
“Data from China has been increasingly more positive,” said Divya Devesh, a foreign-exchange analyst in Singapore at Standard Chartered Plc. “We think this rally can continue for a few more weeks if not months,” he said of the gains in Australia’s currency.
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