The Australian dollar pushed to its four-month peak on Wednesday against the world's reserve currency after the leader of the central bank expressed a bright optimism about economic growth this year during a speech in Hong Kong, according to Bloomberg.
The Aussie climbed against all 16 of its major counterparts, following the upward drive of Asian stocks. Governor Glenn Stevens with the Reserve Bank of Australia said consumption in Australia is growing stronger s well.
"This outlook is, obviously, a balance between the large negative force of declining mining investment and, working the other way, the likely pick up in some other areas of demand helped by very low interest rates," the bank chief said during his speech in Hong Kong, according to Bloomberg. "The lower exchange rate since last April and the improved economic conditions overseas also help."
The Australian dollar rose roughly 0.5 percent against the U.S. dollar on Wednesday.
The near-term of the housing construction market also is healthy, Stevens said, according to The Sydney Morning Herald. But he did note the body he leads will keep a close eye on borrowing for property.
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