With the US stocks posting the biggest three-day gain since November, the currency is following suit with an increase in value. The Australian Dollar is on its second straight weekly rise.

The Australian dollar rose 1.3 percent to 65.40 US cents as of 11am today in Sydney . In Asia it was up to 64.58 cents and to 64.05 cents in New York on March 6 th . It advanced 2.4 percent to 63.68 against the yen and from 62.19 in Asia and 62.96 in New York .

The most it has risen since February 13 is 65.79 cents.

According to ANZ National Bank’s Tony Allen, the Australia ’s dollar may rise towards 66.20 cents over the next few days. “The acute pessimism that had been priced into the markets is being retracted a little, with commodities drifting up and bank stocks rising,” he says.

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