July 13 (Bloomberg) -- The Australian and New Zealand dollars rose versus the majority of their most-traded peers after China’s economy and industrial output grew more than forecast, fueling appetite for higher-yielding assets.
New Zealand’s dollar, nicknamed the kiwi, gained against its U.S. counterpart for the first time in three days, trading at almost a record high as stocks and commodities rallied. The Aussie gained for the first time in four days versus the greenback, rallying from a two-week low yesterday.
Today’s economic data “does break the recent string toward disappointment from numbers out of China,” said Todd Elmer, head of Group-of-10 currency strategy for Asia ex-Japan at Citigroup Inc. in Singapore. “It could help to ease some of the downward pressure on the Aussie and kiwi.”
The New Zealand dollar advanced 2.1 percent to 83.59 U.S. cents at 12:04 p.m. in New York, from 81.81 cents yesterday, when it dropped to 81.11, its lowest level since June 29. It touched 83.86 cents on July 8, the highest since the currency was freely floated in 1985. The kiwi climbed 1.9 percent versus the yen to 66.04, from 64.82.
Australia’s dollar strengthened 1.6 percent against the U.S. dollar to $1.0766, from $1.0598 yesterday. The Aussie gained 1.3 percent to 85.03 yen, from 83.98 yen.
China’s gross domestic product expanded 9.5 percent in the second quarter from a year earlier, the statistics bureau said in Beijing today. The median estimate was for a 9.3 percent increase in a Bloomberg News survey of economists. Industrial output advanced 15.1 percent in June, the most since May 2010.
The MSCI World Index of stocks rose 1.5 percent, and the Thomson Reuters/Jefferies CRB Index of 19 raw materials advanced 1.5 percent.
--With assistance from Allison Bennett in New York. Editors: Greg Storey, Dave Liedtka
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