Australia, New Zealand dollars gain on yen

The Australian and New Zealand dollar both strengthened in relation to the yen Thursday on an increase in risk appetite as more investors financed purchases of the currencies with the low-yielding yen.

In midday trade in New York, the Australian dollar was worth ¥100.7719 while it took ¥82.11 to buy a New Zealand dollar.

The US dollar was stronger versus the euro and the yen after the Commerce Department reported that the US economy grew at an annual pace of 0.9 percent in the first quarter of the year, better than earlier estimates.

At just past noon in New York, the dollar traded at $1.5508 to the euro while it took ¥105.57 to buy a greenback.

Meanwhile, the Canadian dollar gained on its US counterpart on a report that exports, mostly of commodities, exceeded imports into the country by C$5.56 billion ($5.65 billion) in the first quarter.

The loonie most recently traded at 98.75 cents Canadian to the US dollar.

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