July 14 (Bloomberg) -- The Australian and New Zealand dollars gained for a second day as equity futures signaled stocks in Australia and Japan may open higher, raising speculation investors will buy higher-yielding assets.
New Zealand’s dollar was the best-performer among the 16 most-traded currencies versus the dollar and yen as central bank governor Alan Bollard said today the nation’s economy may recover ahead of most of its trading partners. The Standard & Poor’s 500 Index gained the most in six weeks yesterday as analyst Meredith Whitney recommended buying shares of Goldman Sachs Group Inc. and said U.S. banks may advance 15 percent.
“The Aussie may test 78.80 cents on the topside on equities,” said Jim Vrondas, manager of corporate business at online foreign-exchange dealer OzForex Ltd. in Sydney.
Australia’s currency rose 0.2 percent to 78.43 U.S. cents as of 8:41 a.m. in Sydney from 78.32 cents in New York yesterday. The so-called Aussie rose 0.3 percent to 73.03 yen.
New Zealand’s dollar gained 0.3 percent to 63.44 U.S. cents from 63.23 in New York. It traded at 59.10 yen from 58.78.
“Early signs of a global recovery have now emerged,” RBNZ Governor Bollard said in notes for a speech delivered today in Napier. “New Zealand looks likely to start recovering ahead of the pack.”
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