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Aussie gains as RBA keeps quiet on currency strength

by Paul

Australia’s dollar was the biggest gainer among major currencies as U.S. and European traders returned from summer holidays on Tuesday, jumping almost 1 per cent after the country’s central bank said little on its 10 per cent rise since January.

The dollar, euro and yen were all trading in tight ranges after a surge for the yen on the back of comments by Bank of Japan Governor Haruhiko Kuroda which acknowledged the problems created by running negative interest rates.

Data on Australian government spending and its current account deficit pointed to solid economic growth last quarter, and the Reserve Bank of Australia as expected kept interest rates on hold.

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