Aussie Dollar Gains on Fed Support, Euro Crisis Progress

Australia’s dollar rose versus most major peers on prospects the U.S. Federal Reserve will support growth and Europe is progressing toward a resolution of its debt crisis, boosting demand for higher-yielding assets.

The so-called Aussie gained against its U.S. and Japanese counterparts after Minneapolis Fed President Narayana Kocherlakota said the central bank should hold rates at around zero until unemployment drops below 5.5 percent and the Financial Times said European Union authorities are discussing a new rescue for Spain. Australia’s currency headed for a weekly decline after an International Monetary Fund official said the organization will cut its forecasts for the global economy.