Australia's dollar advanced to the highest in 19 months against the greenback after sweeping measures from China to support growth bolstered demand for assets linked to its economy.
The Aussie rose 0.2% to 0.6905, the highest since February 2023 in early Asia trading Wednesday. The currency is getting a boost after the Reserve Bank of Australia held interest-rates at a 12-year high on Tuesday, while China's policy package to improve sentiment in the world's no. 2 economy is providing a further adrenaline shot.
Upcoming August inflation numbers due later on Wednesday will give investors with more clues on the RBA's monetary policy path.
"Upbeat risk sentiment given China's policy push and its positive impacts on emerging market equities and base metal prices should be Aussie dollar supportive," Peter Dragicevich, strategist at Corpay, wrote in a note.
Source : Bloomberg
