The dollars of New Zealand and Australia were pushing toward sharp monthly gains against the world's reserve currency on Friday as confidence mounted about stronger economic times ahead in both nations, according to Bloomberg.
As the two countries' central banks prepare to meet next month, both the Kiwi and the Aussie were prompted higher by Chinese Premier Li Keqiang of China noting a brighter outlook for development in the nation that is a top commerce partner with both South Pacific countries. The Aussie has climbed five-straight days and the Kiwi touched its top rate since the end of 2011 against the greenback.
"The market is struggling to find an end point of how high the Australian dollar will go," currency strategist Joel Murphy with Pepperstone told The Sydney Morning Herald on Friday. "It is trading into the unknown on how high it can get to in the near term, because there's not much to stop it."
Thus far this month against the greenback, the Aussie has climbed about 3.8 percent and the Kiwi has risen about 3.5 percent.
The Australian dollar notched its four-month height against the greenback on Friday, The Sydney Morning Herald reports.
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