The Australian dollar rose on Monday, climbing more than 1 percent against the Japanese yen, as the positive mood of the Forex market participants helped riskier currencies tied to commodities and growth to gain strength.
The same risk appetite that was driving safe currencies down helped the Aussie to log gains. The currency was especially strong against the vulnerable yen. The Chinese yuan surged, demonstrating willingness of China to stabilize its currency and preserve economic growth. This also translated in stronger performance of the Australian dollar as China is an important trading partner of Australia.
AUD/USD rallied from 0.7101 to 0.7156 as of 14:36 GMT today. AUD/JPY climbed 1.5 percent from 80.52 to 81.65.
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