Aussie and Kiwi Advance For Third Straight Day
For the third straight day both the Aussie and Kiwi dollars advanced against the Japanese yen as demand for safe haven assets fades. A US report that showed industrial production contracting at a slower rate and the stellar second quarter performance of Intel and Goldman Sachs lifted investor risk sentiment reducing demand for the US dollar and the yen. Australia’s 10 year bond yields rose as investors bet that Australia’s central bank will raise rates sometime in the next 12 months. Richard Grace of Commonwealth Bank of Australia stated, “The U.S. economy looks more positive. That’s what the bond market reacted to, and it also helped drive the Aussie higher.” Continue reading ‘Aussie and Kiwi Dollars Advance As Risk Aversion Fades’ »