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The Australian dollar jumped on the Japanese yen on Friday as investors piled positions in high-yielding currencies with Aussie bond yields near 11-month highs, tracking US Treasuries. The Australian dollar hit a seven month peak of 84.60 yen, clocking its fifth straight day of gains. The Aussie rose 0.2 percent against the greenback but was trapped in a $0.7365-$0.7446 band. It has gained more than 1 percent on the week, holding its own against the dollar.
"Support for the currency appears to have been driven by another solid night for commodities," said Rodrigo Catril, currency strategist at National Australia Bank. Prices of iron ore, the country's single biggest export earner, have rallied hard this week. Futures traded in China were up almost 6 percent, having jumped over 7 percent on Wednesday. Elsewhere, the Aussie hit a one-week high against the euro, rising for a fourth straight session.
It rose to a one-month high on the kiwi, climbing for a third straight day. It was last up 0.24 percent at NZ$1.0602. The New Zealand dollar touched a near 11-month peak against the yen. Against the US dollar, the kiwi hovered around $0.7000, up from a four-month low of $0.6970 hit the previous day.
New Zealand government bonds gained slightly, sending yields 0.5 basis points lower at the long end of the curve. Australian government bond futures skidded to multi-month lows. The three-year bond contract was at a seven-month trough, down 4 ticks at 98.03. The 10-year contract also slipped 4 ticks to 97.245, having touched its lowest level since early January.

Copyright Reuters, 2016

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