The prices of the Australian and New Zealand dollars increased and reached the highest levels in the last one month. The main reason for the increase was attributed to easing of concerns that European crisis will lead to the derailment of global economic growth.

Both the currencies registered their first weekly gains after April. The European Union leaders also agreed to reveal the way banks performed in the stress tests. The main objective of these tests is to prove to the investors that the financial system is strong enough to deal with the shocks.           

Experts also hope that these measures will lead to an improved investor confidence, in the coming days. They are also optimistic that the Australian currency will do well in the coming days.

The price of Australian dollar was at 86.94 U.S. cents at 11:29 a.m. in New York, as compared to 86.86 cent on the previous day. It had also reached 87.13 cents, which is its highest level since May 18. On the other hand, the New Zealand dollar reached 70.52 U.S. cents as compared to 70.45 cents, yesterday. It had also touched a high of 70.71 cents which is the highest price since May 17. While the Australian currency gained by 2.3% during the week, the New Zealand dollar rallied by 2.2% during the week.