Commodity currencies were the star performers early in Asia on Monday in what would otherwise have been a featureless start to a heavy week of central bank policy meetings.
Investors bought both the Australian and New Zealand dollars after a survey on Sunday showed China’s factory growth held at an 18-month high in November, an outcome that was slightly ahead of expectations. Both Australia and New Zealand are highly leveraged to China’s economic cycle.
The Aussie rose 0.2 percent to $0.9118, while the kiwi advanced 0.5 percent to $0.8162. Both Antipodean currencies also gained ground on the yen, rising to 93.41 and 83.66.
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.