Economics
Australian, N.Z. Dollars Rise Versus Yen After China PMI
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The Australian and New Zealand currencies rose versus the yen after a survey of companies showed Chinese manufacturing expanded at the fastest pace in two years, brightening the outlook for commodity exports.
The South Pacific dollars advanced against their Japanese counterpart after the announcement by HSBC Holdings Plc and Markit Economics for the preliminary reading of a Purchasing Managers’ Index for China beat analysts’ forecasts. The so-called Aussie weakened versus New Zealand’s dollar as signs of limited inflation in the larger economy caused traders to add to bets on the size of interest-rate cuts this year.