The Australian dollar was driving toward its top weekly gain since early September on Friday against the U.S. dollar amid speculation that the U.S. will put off tapering its asset-purchasing program, Bloomberg reports.
China, the top export market for Australia, is set to announce on Friday that its gross domestic product during the third quarter of this year advanced, which will further benefit the performance of the Aussie. The currency struck its top price in about four months against its cross-Pacific rival.
The Wall Street Journal reports policy makers with the Reserve Bank of Australia are poised to slash interest rates when they next convene as a result of the Aussie's strong performance.
"In this environment, we expect that the RBA will have to keep interest rates low for an extended period, and likely lower them further, supporting bond prices over the cyclical horizon," states a report issued by Pacific Investment Management Company, according to The Wall Street Journal.
Though the Aussie lost about 0.1 percent against the world's reserve currency on Friday, the Aussie was pushing toward a weekly climb of 1.7 percent.
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