The Australian dollar climbed today even as a report showed that growth of leading indicators eased in January. The likely reason for the rally was the gains of Asian stocks.
The Conference Board Leading Economic Index for Australia increased 0.2 percent in January after rising 0.8 percent in the previous month. The MSCI Asia Pacific Index, which tracks stocks of Asian countries excluding Japan, rallied 0.8 percent today. The rally was considered to be a sign of risk appetite among investors and allowed the Australian currency to gain.
AUD/USD rose from 0.9037 to 0.9084 and AUD/JPY climbed from 92.51 to 92.82 as of 10:02 GMT today.
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