Friday saw the dollars of Australia and New Zealand climb as Greece appeared en route to receiving funds from its second bailout since June 2010, Bloomberg reports.
News indicating the European Central Bank is set to swap Greek exchange bonds for new securities indicated the bailout tranche from the International Monetary Fund and the European Union soon will be disbursed. The kiwi also climbed after the nation's central bank governor said the economic performance of New Zealand could be understated.
"The Aussie has benefited from a period where sentiment is quite supportive … volatility is very low… and the Reserve Bank of Australia (is) looking as if they won't cut policy as much as people had expected," strategist Hamish Pepper with Barclays Capital in Singapore told The Sydney Morning Herald. "You have here a very constructive story on the Aussie dollar."
Demand for the Aussie and the Kiwi also benefited from growth and development indications regarding the world's biggest economic system, that of the U.S.
The value of the Australian dollar against the Japanese yen also benefited from the Bank of Japan monetary easing program, The Sydney Morning Herald reports.
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