The Australian dollar will drive higher as the year continues thanks to economy-spurring stimulus measures that the European Central Bank implements, a currency strategist at a prominent bank told Bloomberg as the trade week came to a close.
The Aussie is among top-performing currencies against the world's reserve currency thus far this year and senior currency strategist Sean Callow with Westpac Banking Corp. told the media outlet that the Aussie will remain a beacon to traders and investors.
The Reserve Bank of Australia (RBA) opted to leave borrowing costs at 2.5 percent this week.
"The Australian dollar should perform well on most crosses near term, but whether the Aussie-U.S. dollar is a good bet depends heavily on the payrolls report," the strategist told Bloomberg on Friday. "The RBA's view that the worst is probably over on the unemployment rate is unlikely to be challenged" when the South Pacific nation releases labor market data, he told the publication.
The Aussie drove to its highest level thus far this year against the common currency of the European Union on Friday in the aftermath of the upshot of the ECB policy meeting on Thursday in Germany, according to The Sydney Morning Herald.
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