Aussie rises as investors focus on economic recovery

01.06.2020 - Petr Mazaylo
Aussie rises as investors focus on economic recovery

Risk currencies gained against the dollar on Monday as investors staked on signs of easing U.S.-China tensions and worldwide economic recoveries.

The Australian dollar rose 1% to a three-month high of $0.6742. The dollar index neared an 11-week low after sliding 0.2% to 98.031.

U.S President Donald Trump did not announce any plan to sanction China for its tightening grip over Hong Kong during his news conference on Friday.

The New Zealand and Canadian dollars both gained 0.5% on the U.S. dollar.

The market mood steadied despite the riots in many U.S. cities that called for justice over the death of George Floyd and an end to racism.

Experts said that the riots were distressing and could become a major factor in the upcoming presidential elections in November.

The Australian dollar hit a three-month high on the yen and a ten-month high on the Canadian dollar. 

The Reserve Bank of Australia is set to meet on Tuesday to discuss monetary policies. Governor Philip Lowe said last week that additional easing or negative rates were not needed.

The euro surged 0.2% to $1.1135, while the British pound reached a three-week peak of $1.2414. The yuan firmed 0.2% to 7.1996 against the dollar.

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