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Aussie, N.Z. Dollars Rally as China Exports Exceed Forecasts

Nov. 13 (Bloomberg) -- The Australian and New Zealand dollars rose against their U.S. counterpart after a bigger-than-estimated trade surplus in China improved sentiment for growth in commodity exports.

The South Pacific currencies rose against all of their major peers after the Chinese customs administration said the nation’s exports exceeded imports by $32 billion in October, compared with a $27.3 billion trade surplus estimated by economists survey by Bloomberg. China is Australia’s biggest trading partner and New Zealand’s second-largest export market.

“Asian economic data remains of particular interest as markets continue to use the Australian dollar to proxy trade the region,” Greg Anderson, the North American head of Group of 10 currency strategy at Citigroup Inc. in New York, wrote yesterday in a note to clients. “Recent improvements in Chinese data flow have helped buoy the Australian dollar.”

Australia’s currency appreciated 0.4 percent to $1.0428 yesterday in New York after rising as much as 0.5 percent. It rose 0.4 percent to 82.90 yen.

The New Zealand dollar, nicknamed the kiwi, increased 0.4 percent to 81.75 U.S. cents after gaining as much as 0.6 percent, the most since Nov. 1. The kiwi climbed 0.4 percent to 64.99 yen.

New Zealand’s dollar has strengthened 4.5 percent this year, the biggest gain among 10 developed-nation currencies tracked by Bloomberg Correlation-Weighted Indexes. The Aussie has gained 1.1 percent, and the greenback is down 1.3 percent.

To contact the reporter on this story: Joseph Ciolli in New York at jciolli@bloomberg.net

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

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