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In Australia, the Australian dollar continued to rise against the US dollar by more than 64 cents, registering 0.6454 US dollars, after the Central Bank of Australia raised its interest rate target, but expected the country’s economy to witness the largest contraction in the first half of this year.
The Chinese yuan also rose to 7.1195 per US dollar in foreign trade, recovering from the lowest level in six weeks, which it recorded in the previous session at 7.1560, but is still well below its level last month.
“The yuan is the benchmark for everyone to see now, as its weakness limits the earnings of Asian currencies,” said Stephen Ines, chief market expert at Axi Corp.
The cautious atmosphere in trade also pushed the yen slightly higher against the US currency at 106.58 yen to the dollar, while the euro came under pressure due to a lawsuit by German academics against the European Union’s bond purchase program.
