Commodity currencies
including the Australian dollar, South Africa’s rand and the Brazilian
real are surging as traders focus on the potential for a gradual cycle
of U.S. interest-rate increases and ignore a rout in raw material
prices.
New Zealand’s dollar
led gains on Thursday, when the greenback fell against its 16 major
peers as minutes of the Federal Open Market Committee’s October meeting
signaled a shallow path for any rate increases next year. The Aussie is
poised for back-to-back weekly advances, with traders paying the
smallest premium on options to protect against weakness in the currency
in more than a year even as iron ore, Australia’s chief export, dropped
to a four-month low.
The Aussie traded at
71.87 U.S. cents as of 9:18 a.m. in Tokyo from 71.94 on Thursday, poised
for a 0.8 percent advance this week. New Zealand’s dollar fetched 65.59
U.S. cents after climbing 1.5 percent to 65.66 in the previous session.
The Bloomberg Dollar Spot Index, which tracks the greenback versus 10
peers, was little changed at 1,228.70 after declining 0.7 percent on
Thursday, the biggest drop since Oct. 14.
Source: Bloomberg
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