Remarks by the top banker in the U.S. about intentions to continue monetary stimulus measures prompted the Australian dollar to climb to its top value in two weeks on Thursday, according to Bloomberg.
The Aussie also gained after surprise climbs to Australia's labor market.
"Because the unemployment rate gets buffeted around by the participation rate, the market generally – rightly or wrongly – looks first at job creation," senior currency strategist Sean Callow with Westpac Banking Corp. in Sydney told Bloomberg on Thursday. "The Aussie's had a strong day on U.S. dollar weakness and the net change in interest-rate pricing wasn't very much."
The Australian dollar's climb on Thursday amounted to 1.1 percent as the currency notched its highest value since the end of last month.
U.S. Federal Reserve Chairman Ben Bernanke told an audience Wednesday in Cambridge, Massachusetts, that the country's labor market should be stronger and inflation should be higher than it presently is, according to AAP. Last month, Bernanke said the Fed would like to taper economy-spurring monetary stimulus measures during the coming months and close the program by the end of the year.
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