The currency of Australia pushed to its top value in three weeks on Friday against the world's reserve currency amid expectations that top trade partner China is set to release strong economic data, Bloomberg reports.
This week's gains for the currency of the Pacific Rim nation against all of its top 16 counterpart currencies is connected with a brighter optimism about negotiations between U.S. President Barack Obama and his Republican peers to resolve the debt ceiling debacle and the ongoing partial government shutdown.
"It's more in response to the lift in global equity markets which are a leading indicator of economic growth," chief currency strategist Richard Grace with Commonwealth Bank of Australia told The Australian on Friday. "The market is seeing less risk of a US debt default even though we haven't got a resolution on this political debate yet."
The Australian dollar climbed 0.2 percent against the U.S. dollar on Friday and has risen roughly 0.4 percent against its counterpart since markets closed last Friday.
The Aussie pushed to its top value in three days on Friday, according to The Australian.
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