The Australian dollar tested six-week highs on Tuesday, as signs of progress in re-opening economies helped the risk-sensitive currency recoup most of the panic selling seen in March, and as the greenback nursed overnight losses.
FILE PHOTO: Australian dollars are seen in an illustration photo February 8, 2018. REUTERS/Daniel Munoz
“Part of that is down to the fact that it is your best way of playing reflation...it’s kind of a proxy for equity markets,” he said. Shorts had mostly fled their positions and momentum funds had arrived to ride the wave, Weston said, as traders seemed to worry less about fundamentals and focus more on the valuation outlook.In Australia, which has avoided the high number of deaths seen in other countries, states are beginning to relax restrictions on movement.
Besides the Aussie, other majors were less exuberant. The New Zealand dollar was subdued, weighed by a particularly aggressive stance from its central bank.
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