Australian and N.Z. Dollars Rise on China’s Growth

The Australian and New Zealand dollars rose significantly against the other major currencies today as the Chinese stock market demonstrated growth on talks that the government may easy the investment regulations.

The Aussie and the kiwi both rallied against the U.S. dollar and the Japanese yen today, with the former posting a second bullish day in a row. Analysts expect the Chinese consumer sector to be the major growth-factor for Australia’s largest and New Zealand’s second largest trade partner. Apart from the China-based gains, the currencies also benefited from the speculations that the Bank of Japan will have to intervene soon to move the yen down from the current too strong level, which is threatening the production industry.

AUD/USD grew from 0.8686 to 0.8794 as of 8:17 GMT today. AUD/JPY rose from 75.36 to 76.28, while the NZD/USD currency pair went up from 0.7063 to as high as 0.7137 today.

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