The Australian dollar surged to nearly four-month high Wednesday, on bets the Federal Reserve won’t increase its interest rate this year.
The Aussie stood at 71.76 euro cents from Wednesday’s 70.90, and 81.50 US cents from 79.77 US cents.
The US dollar has been declining against most major counterparts following flat April retail spending data raised “speculation the Federal Reserve won’t hike its interest rates this year,” said Andrew Barnett, Director at LTG GoldRock.
The material has been provided by InstaForex Company – www.instaforex.com