The Australian dollar advanced to its top rate in nearly two weeks against the world's reserve currency on Friday amid speculation that the Reserve Bank of Australia will not cut borrowing costs for the remainder of 2013, Bloomberg reports.
The performance of the Aussie is projected to be influenced by a private report issued by China regarding the Asian nation's service industry. China and Australia share strong relations for trade and commerce. The Australian dollar was barreling toward weekly gains against the U.S. dollar.
"The Australian dollar has been resilient in the face of softer stocks, rallying in Asia off its lows and to a new high for the week as expectations of RBA rate cuts get pushed back," currency strategist Sue Trinh with RBC Capital Markets told The Australian on Friday.
The Aussie climbed about 0.6 percent against the greenback on Friday and this week's gain amounts to roughly 1.4 percent against the dollar.
On Tuesday, the Reserve Bank of Australia opted to leave the cash rate unchanged at 2.5 percent, according to The Australian. That policy decision spurred the Aussie's gains this week against the U.S. dollar.
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