Aussie Dollar Rises as Traders Chase Yields; Traders Eye Key Inflation Data
The Australian Dollar surged on Monday as rising equity markets drove up demand for higher yielding assets. Traders are also chasing the higher yield in Australia due to the weaker outlook for the U.S. economy. Early Monday morning, the Aussie’s rally slowed a bit due to a disappointing Producer Price Index report. The PPI rose 1.0% compared with a forecast 1.5% rise. After a slight retreat from the early session high, the market regained its momentum to test .9000 in the U.S. session
