The Australian and New Zealand currencies gained today, heading to weekly gain, as stocks rallied after the central banks of the European Union and Great Britain made efforts to stimulate economies of their nations.
The European Central Bank signaled yesterday about its readiness to support the EU banks. The European Commission is planning injections of funds into the region’s banking system.
The willingness of the EU officials to act in response to Europe’s problems has been welcomed by market participants. The Euro Stoxx 600 Index rose 0.5 percent, while the MSCI Asia Pacific Index jumped as much as 2 percent.
AUD/USD climbed from 0.9744 to 0.9800 and NZD/USD rose from 0.7715 to 0.7737 today as of 8:39 GMT.
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