With Increase in Exports the Australian Dollar Gains the Most in Four Weeks

With Increase in Exports the Australian Dollar Gains the Most in Four Weeks

The Australian dollar gained the most in four weeks following a government report that revealed, in the first quarter the country's exports have added more than expected by the analysts, to the economy.

The New Zealand dollar stabilized after falling for two days in a row. In two days, the kiwi dollar lost 0.7 percent. It advanced 0.5 percent checking its slide.

The Australian dollar was the largest gainer in the basket of sixteen major currencies against the U.S. dollar.

According to the statistics bureau, the net exports contributed 1.1 percentage points to the GDP which surpassed the Bloomberg economists' forecast by greater than the 0.7 points.

It was a second consecutive day of gain for the Australian dollar following a data which revealed that, in April, building approvals rose unpredictably.

Joseph Capurso, a senior currency strategist in Sydney at Commonwealth Bank of Australia said, "It's quite a strong set of results. It does reduce the chances that the RBA cuts rates next week. It's going to support Aussie for a little while longer."

From Monday, the Australian dollar moved up 0.8 percent to 72.40 U.S. cents after noon in Sydney.

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