Australia’s dollar approached the strongest in more than two weeks versus its U.S. counterpart as commodities gained. Both the Aussie and the New Zealand currency, called the kiwi, touched for a second day the highest level against the yen in more than four years. A report due this week is forecast to show an increase in retail sales in Australia.
The Aussie rose 0.2 percent to $1.0503. It reached $1.0513 earlier, after touching a more-than two-week high of $1.0527 on Jan. 3. Australia’s dollar reached 92.85 yen today, the highest level since September 2008, before trading at 92.22 yen, down 0.2 percent.
Standard & Poor’s GSCI Index of 24 raw materials rose for the first time in three days, gaining 0.3 percent.
Japan’s government will announce 12 trillion yen ($137 billion) of fiscal stimulus this month to boost the nation’s shrinking economy, the Yomiuri newspaper said yesterday. The extra budget for this fiscal year through March will include 5 trillion yen to 6 trillion yen of public-works spending, the newspaper reported, without saying where it obtained its information.
Australia’s Bureau of Statistics will probably say on Jan. 9 that retail sales rose 0.3 percent in November after stalling the previous month, according to the median estimate of economists surveyed by Bloomberg News.
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