Increase in New Zealand and Australian Dollars
In the wake of stability in the market, the currency of Australia and New Zealand has increased.
The Australian Dollar soared to a cent higher and became $0.8814.
Earlier, Governor Glenn Stevens of the Reserve Bank of Australia had made it clear that the interest rates may surge, even if an election takes place.
Westpac disclosed that the main reason behind the good results was that the local equities have displayed better results. The working of Shanghai Composite Index is closely watched by the currency dealers in Australia.
The RBA stated that if inflation does not subsidize, then the bank may increase the rates. Consequently, the shareholders were hopeful of a rise in the rates.
A currency strategist at ANZ, Tony Morriss, stated that the market displayed a positive outlook, as there were no concerns regarding the reduction in the rates.
Also, rumors are doing the rounds that the Japanese officials are not happy with the increase in Yen next to the Dollar. The Economists have revealed that the market witnessed an increase in buying.
Daniel Brdanovic, Senior Manager Treasury at HSBC said that they are looking forward to the results of stress tests on banks, which will be out by Friday.
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