Economics
Aussie Rallies From 3-Month Low on Europe Fund, Iron Ore
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The Australian dollar rallied from a three-month low reached yesterday after finance ministers in Europe declared the region’s permanent aid fund operational and gains in commodity prices boosted demand for the currency.
The so-called Aussie climbed versus its U.S. counterpart following a slide last week that was the biggest in five months, after finance ministers from the euro area’s 17 nations set up a full-time fund to aid the region’s debt-ridden countries. Prices for iron ore, Australia’s key export, rose yesterday to the highest in more than a month. Demand for New Zealand’s dollar was tempered after a report today showed charge-card spending fell more than economists forecast.