(Bloomberg) Australia’s dollar advanced to an eight-month high versus the greenback as a rally in global equities emboldened investment in higher-yielding assets.The Aussie rebounded after earlier declining on new signs of a slowdown in China, the South Pacific nation’s largest export market. Hedge funds and other large speculators have turned increasingly bullish on Australia’s currency for seven straight weeks — matching the longest run since 1994 — as traders pared bets that the Reserve Bank of Australia will cut interest rates.
Aussie Rally Defies China Data As Hedge Funds Raise Bullish Bets
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