The Australian dollar pushed to its four-week height against the world's reserve currency on Tuesday after the Reserve Bank of Australia indicated the impact of efforts to intervene have been for the better, according to Bloomberg.
The Aussie rose after the minutes of the RBA's most recent policy meeting were released and noted policy makers commented on stability with interest rates. There was no discussion about the Australian dollar being too high in value.
"The outlook clearly improved since November, with the RBA minutes noting several of the better data outcomes," currency strategist Greg Gibbs with RBS in Singapore told The Wall Street Journal on Tuesday. "While it may not be new news, it does reinforce the firmer message of recent reports and supports the recent Australian dollar recovery."
The Australian dollar climbed to its highest value since January 13 during trading on Tuesday against the greenback after U.S. markets were closed on Monday in observation of President's Day.
After having endured rough economic times during the past year, the economy of Australia is slowly recovering, The Wall Street Journal reports, noting one key effort includes keeping interest rates low.
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