The Australian dollar on Friday climbed against the world's reserve currency, spurred higher by Chinese consumer prices pushing ahead more than forecast, according to Bloomberg.
A weaker Aussie will be inclined to help the country balance development and growth, assistant governor Christopher Kent with the Reserve Bank of Australia said during a Friday speech in Sydney, the news source reports. He also said that the body might correct the exchange rate. Australian 10-year bonds fell seven basis points to 4.11 percent following Thursday's close.
"This week's disappointing labor market report won't change the RBA's thinking that the stimulus from low interest rates, the fall in the Australian dollar and rising asset prices is gradually working to transition the economy to a higher growth path," chief economist Paul Brennan with Citi told The Australian on Friday.
The Aussie moderately gained about 0.1 percent against the U.S. dollar on Friday, pushing toward a weekly climb of about 0.4 percent against the greenback.
Kent's speech comes after the body he serves recently indicated it is not inclined to move interest rates from 2.5 percent, The Australian reports.
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