Australia’s dollar headed for a second weekly advance before a report tomorrow that may show imports by China, the nation’s biggest trading partner, climbed for a third-straight month.
The Aussie held gains versus most of its 16 major counterparts this week as U.S. President Barack Obama and Republican lawmakers continued discussions on increasing the nation’s debt limit and ending a partial government shutdown. New Zealand’s kiwi dollar was poised for a five-day decline.
“The momentum has picked up and a lot of the fears have waned over Chinese growth,” said Sean Callow, a senior currency strategist at Westpac Banking Corp. in Sydney. “There’s no doubt that’s been one of the reasons the Aussie dollar has been more resilient than in the past.”
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.