Aussie Gains Against Major Peers After RBA Minutes

Australia’s dollar gained against most major peers after the country’s central bank said stronger demand from China and an improved global outlook have spurred prices for commodities.

The so-called Aussie also rose against the U.S. dollar ahead of Reserve Bank of Australia Governor Glenn Stevens’ semi- annual testimony before a parliamentary panel on Feb. 22. New Zealand’s dollar was little changed for a second day, maintaining last week’s advance against the greenback, as swap rates climb in the smaller nation.

“The RBA did acknowledge the better run of international data received between the two meetings and the effect that has had on commodity prices,” said Andrew Salter, a currency strategist at Australia & New Zealand Banking Group Ltd. in Sydney. The Aussie “has caught a bid,” he said.

Australia’s dollar rose 0.1 percent to $1.0320 as of 12:10 p.m. in Sydney from $1.0306 yesterday. It fetched 96.85 yen, little changed from yesterday.

New Zealand’s currency traded little changed at 84.47 U.S. cents and dropped 0.2 percent to 79.27 yen.

(Source: Bloomberg)