The Australian dollar on Friday was spurred higher as the monetary unit completed a trade week of gains each day, Bloomberg reports.
The Aussie's gains later this week were spurred by strong economic data released by China, its top partner for trade and commerce. The Asian nation released strong factory production data on Friday. This week's advance for the Aussie marked its largest gains since the end of 2011, minimizing the likelihood that policy makers with the Reserve Bank of Australia will implement additional monetary stimulus policies to spur the economy.
"There was little forward guidance but we would argue that this is captured in the macro forecasts as well as the highlighted risks," states a client note penned by Australian economic and fixed-income strategy head Su-Lin Ong with the Royal Bank of Canada, according to Bloomberg. "An implicit easing bias is evident."
The Aussie's gains on Friday against the world's reserve currency checked in at 0.5 percent as the South Pacific currency climbed 2.7 percent on the week, the largest gains since in about 20 months.
Friday advances for the Aussie came after the monetary unit pushed ahead 1.2 percent, according to Reuters. That climb also was spurred by Chinese data regarding trade information.
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