THE Australian dollar has firmed as Japanese Prime Minister Shinzo Abe's political victory stirred demand for higher-yielding currencies.
At 1700 AEST on Monday, the local unit was buying 92.22 US cents, up from Friday's 91.71 cents.
The currency has began the week in a stronger position, after Abe's centre-right coalition won weekend upper house elections, securing a parliamentary majority to liberalise trade and embark on much-needed economic deregulation.
Westpac senior currency strategist Sean Callow said the political success of Abe's Liberal Democratic Party and his junior ally, New Komeito, gave a lukewarm boost to Asian share markets, including the Nikkei, helping the Australian dollar on a light day of trade.
"He's in the position now that he can pursue the sorts of reforms that the world wants, to help Japan, and it is still Australia's second-largest trading partner," he said.
"The ongoing optimism in Japan is definitely a positive for Australian business."
Risk appetite, which helps higher-yielding currencies like the Australian dollar, also gained another boost from a Group of 20 communique pledging to put growth before fiscal austerity.
"That probably helped in the background," Mr Callow said.
A weekly report by the US Commodity Futures Trading Commission, showing a fresh record holding of short Australian dollar positions, also made traders reassess their recent selling of the currency.
"The Aussie speculators are probably wondering if, maybe, this isn't the best time to be loading up on your short Aussie positions," Mr Callow said.
"They thought they had that break of 90 (US cents) and they were off to the races to the high 80s but instead we're two cents clear of that."
Anda sedang membaca artikel tentang
$A higher as Japanese win drives risk mood
Dengan url
http://flasdiskvirus.blogspot.com/2013/07/a-higher-as-japanese-win-drives-risk.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
$A higher as Japanese win drives risk mood
namun jangan lupa untuk meletakkan link
$A higher as Japanese win drives risk mood
sebagai sumbernya
0 komentar:
Posting Komentar