The Australian and New Zealand dollars rose the most in two weeks against the yen in Forex trading currencies as Japan sold its currency to protect the country’s exporters.
The so-called Aussie surged to a seven-week high versus the yen as Japan’s Finance Minister Yoshihiko Noda confirmed the intervention after his nation’s currency strengthened to a 15- year high against the greenback earlier today. Australia’s currency was near a two-year high versus the dollar as a strengthening domestic economy and prospects the Federal Reserve will expand efforts to keep borrowing costs down spurred demand for the currency.
The Australian dollar advanced 1.5 percent to 79.20 yen as of 1:01 p.m. in Sydney, its biggest gain since Sept. 1. The currency climbed as high as 79.34 yen, the strongest since July 27. The Aussie traded at 93.72 U.S. cents from 93.97 cents yesterday, when it climbed to 94.58, the highest since July 2008.
Gold, little changed, traded near a record on demand for a haven against turmoil in the global economy and financial markets. Silver rallied to a 30-month high.
Immediate-delivery gold climbed as much as 0.2 percent to $1,270.60 an ounce before trading at $1,269.80 at 11:53 a.m. Melbourne time. The metal reached a record $1,274.95 yesterday. Silver for immediate delivery gained as much as 0.3 percent to $20.535 an ounce, extending this week’s advance to the highest level since March 2008.