Posted On: July 11, 2012
South Pacific dollars gained in value on Wednesday against most of their major rivals, according to
The Australian dollar reversed three days of losses by benefiting from a private report indicating consumer confidence climbed to its highest rate in five months. The New Zealand dollar increased against the world's reserve currency and the Japanese yen.
"The domestic economy has been doing fairly well in Australia, and that is likely to lend some support to the Aussie," researcher Takuya Kawabata with Gaitame.com Research Institute in Tokyo told the news source. "The direction in the commodity currencies, however, may rather hinge on the global market sentiment."
The likelihood of the European Central Bank lowering interest rates is poised to continue benefiting the Aussie, which was near its record high against the common currency of the European Union on Wednesday.
the New Zealand dollar tracked the upward drive of the Australian dollar on Wednesday, noting that weakening U.S. stocks and prices of commodities also benefited both monetary units, akin to the consumer confidence report in Australia.
Category: Industry News
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