The Australian dollar was heading toward a weekly advance against the monetary unit of Japan on Friday, Bloomberg reports.
Janet Yellen, vice chair of the U.S. Federal Reserve whom the White House nominated to chair the body, delivered testimony on Thursday before the U.S. Senate Banking Committee, which could vote as soon as next week. Her commentary about supporting economic stimulus programs proved to be beneficial to the Aussie, which would mark its first weekly gains against the yen in four weeks. The Reserve Bank of Australia is set to publicize minutes from its policy meeting earlier this month.
"The global backdrop is improving," currency strategist Peter Dragicevich with Commonwealth Bank of Australia in Sydney told the media outlet on Friday. "That's good for the Aussie dollar."
The currency of the South Pacific nation rose roughly 0.3 percent against the Japanese yen on Friday and was pushing toward a weekly advance of about 0.5 percent against its rival. The Aussie pushed ahead about 0.2 percent against the greenback.
Hopes for financial and economic reforms in China, Australia's top commerce partner, also spurred the Aussie's climb on Friday, according to The Australian.
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