Both the Australian and the New Zealand dollars appear to be benefiting from the Asian stock market recovery, rising from the yesterday’s strong fall.
Influenced by the daily growth in the Japanese and the Korean stock markets, the two currencies advanced from the lows of Wednesday today. They gained most notably against the US dollar and the Japanese yen, which are still perceived as the ”safe heaven” currencies and remain unpopular during the times of the global financial optimism.
Tokyo Nikkei 225 index rose by 0.99 percent during today’s session, while Korean KOSPI index added 2.68 percent at the time of market close. Being export-aimed economies, Australia and New Zealand are dependant on the overall state of the Asian economies. Their currencies experience an elevated level of demand during the regional stock market rallies. Shanghai SSE Composite index lost 1.12 percent today on country growth slowdown forecasts.
AUD/USD rose from 0.9749 to 0.9836 as of 10:56 GMT today. AUD/JPY went up from 74.61 to 75.44. NZD/USD rose from 0.7742 to 0.7800, while the NZD/JPY currency pair advanced from 59.25 to 59.83 today