The Aussie benefited from conjecture stating the U.S. economy, the globe's largest, saw an increased amount of jobs last month. The South Pacific currency was barreling toward a fourth-straight week of gains against the U.S. dollar and Australian Treasurer Wayne Swan said the economy of the nation he serves can continue functioning strongly with reduced borrowing costs.
"Australia is now seen as a necessary part of any portfolio, whether it be private or public investors – and these investment flows have propped up our sustained high dollar," the treasurer said during a Melbourne speech on Thursday. "This, combined with our fiscal consolidation and contained inflation, has all meant that our economy has more room to run lower rates than we have in the past."
This week's gains for the Aussie against the U.S. dollar are roughly 0.2 percent.
Both the Aussie and the New Zealand dollars are likely to be impacted by the U.S. presidential election next Tuesday, according to The Wall Street Journal.
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