Posted On: December 15, 2011
South Pacific currencies rallied on Thursday against the world's reserve currency and the Japanese yen, Bloomberg reports
The dollars of Australia and New Zealand were pushed higher by uplifting results of a Spanish bond sale, which serves as a brief respite while the sovereign debt scourge thrashes euro zone nations' banks and public finance systems. A report noting manufacturing in metropolitan New York advanced while jobless claims slipped, which is suggestive of an economic recovery more developed than believed.
"We had a very significant calming in European credit markets and the U.S. data was pretty good, which is underpinning the risk sentiment," research director Boris Schlossberg with online currency trader GFT Forex in New York told Bloomberg. "All of that is contributing to the notion that the world is not coming to an end tomorrow."
The Aussie initially fell to the U.S. dollar and pared those losses while the Kiwi gained after scraping its lowest value since late last month.
Dow Jones Newswires reports
the Aussie is down roughly 4 percent to the greenback thus far this month.
Category: Industry News
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