March 16th, 2013 at 11:37
General Sir John Monash on Australian 100-dollar billThe Australian dollar gained against most of its major peers this week, posting the strongest rally in six months. The currency gained for the fourth straight week against the euro and the New Zealand dollar.
Fundamental indicators from Australia, including the employment figure, continued to look surprisingly good, making investors trim their bets on an interest rate cut from the Reserve Bank of Australia and benefiting the Aussie. Some overseas data was not that good, but it did not hurt the currency to a great degree.
The Forex market sentiment was positive as reports from the United States were good, but not good enough to make the Federal Reserve consider dropping stimulus. USD weakened against AUD in such environment. EUR, JPY and NZD had its own set of problems, leading to losses versus the Australian currency.
AUD/USD rallied from 1.0235 to 1.0407 this week. EUR/AUD dropped from 1.2721 to 1.2543 and its weekly low of 1.2467 was lowest since January 10. AUD/JPY climbed from 97.93 to 99.22 — the highest weekly close since July 2008. AUD/NZD jumped from 1.2440 to 1.2577, touching 1.2678 during the week — the highest since December 28.
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