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Aussie Dollar Gains as Better U.S. Home Sales Adds Risk Demand

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Dec. 2 (Bloomberg) -- Australia’s dollar rose against the greenback, reversing earlier losses, after a report from the U.S. showed home sales rose more than forecast, boosting demand for assets linked to growth.

New Zealand’s dollar rose after the European Central Bank extended an emergency lending program. Pending home resales jumped by a record 10 percent in October, easing concern the U.S. economic recovery is faltering. The Aussie earlier fell after retail sales dropped 1.1 percent in October, the Bureau of Statistics said today.

“There’s more appetite for risk,” said Tim O’Sullivan, chief trader at FOREX.com, a unit of the online currency trading company Gain Capital in Bedminster, New Jersey. “The short-term news coming out of the states, it might be one more reason you want to buy the Aussie.”

Australia’s dollar rose 0.8 percent to 97.62 U.S. cents as of 11:44 a.m. in New York from 96.83 yesterday. It reached 95.37 cents yesterday, the lowest since Sept. 24, before rallying 1 percent, the sharpest gain since Nov. 18.

New Zealand’s dollar climbed 0.8 percent to 75.46 U.S. cents from 74.89.

To contact the reporters on this story: Catarina Saraiva in New York at asaraiva5@bloomberg.net; Masaki Kondo in Tokyo at mkondo3@bloomberg.net.

To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net

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