The Australian dollar rose against most of its top counterparts on Monday as the South Pacific nation prepared to release strong trade deficit and retail sales data later this week, according to Bloomberg. Expectations are high that the nation's data is likely to be healthy.
The central bank of Australia is less likely to cut interest rates from the record-low level of 2.5 percent. Government-issued bonds set for maturity in 10 years rose here basis points and pushed to their top level in almost one month.
"Aussie is seen as a proxy trade in the G-10 space to China growth," senior currency strategist Sue Trinh with Royal Bank of Canada in Hong Kong told Bloomberg on Monday. "Sentiment was already sluggish with global equities looking a little bit soft."
The Australian dollar increased about 0.2 percent against the New Zealand dollar during the first trade session of the first full week of the new year. The Aussie fell roughly 0.5 percent against the yen.
Tepid data about China minimized the Aussie's advance on Monday, according to The Australian.
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