(Bloomberg) -- The Australian dollar traded near a 17-year high as the price of raw materials the nation exports rose and investors were drawn to the country's higher returning assets.
The local dollar is the second-biggest gainer this year after New Zealand's among the 16 most-traded currencies, as Australia's 1 percentage point interest rate advantage over the U.S. and 5.75 point spread with Japan lures investors. A measure of six metals on the London Metal exchange advanced 1.5 percent to a near-record close April 20. About 14 percent of Australia's economic growth comes from commodity exports.
Read more at Bloomberg Currencies News
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