Australia Pausing Rate Cut on European Progress Spurs Currency: Economy

Australia unexpectedly kept interest rates unchanged as two cuts late last year help the economy weather Europe’s debt crisis, sending the nation’s currency soaring to a six-month high.

“Much remains to be done to put European sovereigns and banks on a sound footing, but some progress has been made,” Reserve Bank Governor Glenn Stevens said in a statement today announcing the official cash rate target will stay at 4.25 percent, the highest level among the world’s major developed economies.

“Financial market sentiment, though remaining skittish, has generally improved since early December.”

Taiwan Bonds Drop a 3rd Day, Currency Rises on Optimism for Global Growth

Taiwan’s government bonds dropped for a third day and the local dollar strengthened after reports that showed better-than-forecast growth in U.S. jobs, fueling optimism the global economy is recovering.

The Taiex (TWSE) index of shares rallied 0.9 percent after overseas investors bought $1.1 billion more Taiwanese stocks than they sold in the last five days, taking net purchases for the year to $2.1 billion, according to exchange data.

The 243,000 increase in American payrolls was the most since April and exceeded all forecasts.

The unemployment rate of the world’s biggest economy dropped to 8.3 percent, the lowest since February 2009.

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