Aussie Touches 7-Week High on Rates, Jobs Outlook, China Trade
March 10, 2010 |12:13 | Currency Rates By : Team X
The Australian dollar rose to its strongest in seven weeks before a report tomorrow economists say will show employers added jobs for a sixth month, spurring expectations for an interest-rate increase in April.
New Zealand’s dollar rose to a two-week high against the yen after a Chinese report today showed exports increased the most in three years. The so-called Aussie also touched a 25-year high against the pound and the strongest since 1997 versus the euro as central bank Assistant Governor Philip Lowe said growth will likely be at or above average the next couple of years.
“All the data out of China exceeded expectations and what’s important is exports are advancing,” said Daisuke Karakama, a market economist in Tokyo at Mizuho Corporate Bank Ltd., Japan’s second-largest publicly traded lender. “It will be a supportive factor for commodity currencies such as the Aussie and kiwi in the long term.”

The short sellers made a killing on the euro. Now they're stalking the pound. The fiscal woes of southern European nations such as Greece and Spain have preoccupied investors and political leaders for weeks.
The New Zealand dollar tumbled against the greenback overnight as investors moved away from riskier assets. Earlier today the kiwi briefly dropped below US69c, and by 8am had recovered only slightly to US69.11c.











