Aussie Dollar Surges As Investors Focus On Recovery From Pandemic
Monday, 1 June 2020 14:01 WIB | CURRENCIES |AussieDolar Australia,

Riskier currencies rose against the dollar on Monday as investors looked to positive signs from China™s post-coronavirus economic recovery and wagered on an easing in Sino-U.S. tensions.

The trade-sensitive Australian dollar surged 1% to a three-month high of $0.6742 to lead broader gains that put the dollar close to an 11-week low against a basket of currencies.

U.S. President Donald Trump made no move to impose new tariffs on China during a news conference on Friday where he outlined his response to Beijing™s tightening grip over Hong Kong.

Moreover, investors were encouraged by the Caixin/Markit Purchasing Managers Index showing marginal but unexpected improvement in Chinese factory activity last month.

The New Zealand dollar rose about half a percent, along with the pound and Canadian dollar. Against a basket of currencies the dollar fell 0.2% to 98.022, close to an 11-week low of 97.944 touched last week.

The euro rose 0.2% to $1.1135, just below a two-month high of $1.1145, as investors drew confidence from the European Union's plans for a coronavirus recovery fund.

Source : Reuters

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