Asia's Wealthy Turn to Aussie as Local Currencies Wilt, UBS Says
- View that RBA won't cut interest rate supports currency
- Aussie `more or less stabilizing' at 70 U.S. cents: UBS's Tay
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Asia’s wealthy, anxious as many of their local currencies depreciate, are getting drawn to the resilience of the Australian dollar, says UBS Group, the world’s largest private bank.
The Aussie strengthened against all but one of 12 major Asian counterparts since Sept. 30 on signs the South Pacific nation’s central bank won’t cut its benchmark interest rate beyond a record-low 2 percent amid a revival in the jobs market. China’s slowing economy and slumping commodity prices have also weighed on the region’s currencies.