The Australian dollar advanced to its top value in three weeks as confidence grew that the Reserve Bank of Australia will not hike borrowing costs in the near term, Bloomberg reports.
Marking a fourth-straight day of climbs, the Aussie gained before minutes of the policy meeting from earlier this month are slated for release on Tuesday.
The Reserve Bank of Australia is indicating that additional slashes "would require a material deterioration in the outlook, beyond that embodied in the Statement on Monetary Policy," states a Monday research note penned by chief economist Kieran Davies with Barclays Plc in Sydney, according to Bloomberg. The RBA minutes "should shed some light" regarding decreased dovishness, the note states.
The currency of the Pacific Rim country rose 0.2 percent against the world's reserve currency after pushing to its highest value since the end of July against its rival monetary unit. The Aussie's climb against the currency of Japan increased 0.4 percent.
Stronger commodity prices, particularly those of metals, also prompted the Aussie's climb, according to The Sydney Morning Herald. China, a top trade partner of Australia, released strong economic data, which also benefited the Aussie.
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