The Australian and New Zealand dollars rose to one-week highs against the greenback on speculation buying by U.S. consumers will support growth in higher-yielding producers of raw materials. The currencies, nicknamed the Aussie and the kiwi, gained against 15 of their most-traded counterparts before a private report on U.S. retailer sales tomorrow that may show the fastest increase in four years, according to a preliminary statement from the International Council of Shopping Centers. The two currencies weakened earlier as Asian stocks slid after U.S. data yesterday showed growth in service industries slowed last month. “The Aussie and the kiwi are heading the charge again,” said Samarjit Shankar, a managing director for the foreign- exchange group in Boston at BNY Mellon, the world’s largest custodial bank, with more than $20 trillion in assets under administration. “The dollar is on the back foot. With the price action in equities you’re getting some risk back on the table.” Australia’s dollar rose 1.4 percent to 86.48 U.S. cents at 3:15 p.m. in New York, from 85.27 cents yesterday. It touched 86.64 cents, the most since June 29. The currency gained 1.3 percent to 75.60 yen, from 74.62. The New Zealand dollar climbed 1.4 percent to 70.35 U.S. cents, from 69.39 cents, and reached 70.53, also the most since June 29. The kiwi bought 61.50 yen, 1.3 percent more than 60.74 yen a day ago. U.S. Retail Sales U.S. retail sales probably expanded at an average monthly rate of 4 percent in the first five months of the retail fiscal year that began Jan. 31, the biggest gain since 2006, the shopping center trade group said in advance of its June report tomorrow. Nordstrom Inc. and Kohl’s Corp. are among chains that will report June sales increases at stores open at least a year, according to analysts’ estimates. The Reserve Bank of Australia left its overnight cash rate target at 4.5 percent for a second month yesterday and said consumer spending and business investment are expanding. “The RBA held the line on its global and domestic growth outlooks, seeing both at around trend,” John Kyriakopoulos, head of currency strategy at National Australia Bank Ltd. in Sydney, wrote in a research note. “We continue to see the next move by the RBA as being a hike in November, which will support a rebound in the Australian dollar in the fourth quarter.” To contact the reporters on this story: Oliver Biggadike in New York at obiggadike@bloomberg.net; Catarina Saraiva in New York at asaraiva5@bloomberg.net

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