The Australian dollar on Monday climbed to its three-month height against the world's reserve currency after the choices for the top job of the U.S. Federal Reserve thinned following one high-profile candidate's withdrawal, Bloomberg reports.
Stimulus-friendly candidate Janet Yellen, presently the Fed's vice chair, is believed to be the leading candidate now that former U.S. Treasury Secretary Lawrence Summers informed President Barack Obama he has pulled out. The Reserve Bank of Australia is slated to release the minutes from is September 3 policy meeting, when borrowing costs remained at 2.5 percent, The Wall Street Journal reports.
"If Obama were enamored with Yellen, he might not have targeted a somewhat divisive character in Summers ahead of her to start with. In which case, another name may pop up in the coming days," currency strategist Michael Turner with RBC Capital Markets in Sydney told The Wall Street Journal on Monday.
The South Pacific monetary unit climbed about 1 percent on Monday, also pushing ahead after the U.S. and Russia agreed on the plan for Syria's chemical weaponry.
Yellen is considered more careful when it comes to reducing stimulus measures, The Wall Street Journal report. But additional candidates are poised to manifest.
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