The yen pulled back against all 16 major counterparts as Asian stocks marched higher, sapping demand for safer assets, as U.S. lawmakers continued fiscal talks to avert a default. The dollar soared for a fourth day versus the Japanese currency as U.S. Republicans and President Barack Obama pledged further discussions on a credit ceiling hike and government shutdown. Australia's dollar was on track for back-to-back weekly advances after the yield premium its two-year credit offers over the U.S. skyrocketed to its topmost since April. Republican Plan The president told Republicans during a White House meeting that he wants to raise the debt limit and end the shutdown, said Representative Hal Rogers of Kentucky. The Republican proposal released earlier included only a short-term increase in the debt limit. Data Delays A report on U.S. retail sales scheduled to be released today is among those that have been delayed by the partial U.S. government closure that began Oct. 1 after Republicans insisted on changes to a 2010 health-care law. China Imports Aussie gains may be sustained before a report tomorrow that will probably show imports by China climbed for a third-straight month. Chinese imports rose 7 percent in September from a year earlier, according to the median estimate in a Bloomberg poll. China is Australia’s largest trading partner. “The momentum has picked up and a lot of the fears have waned over Chinese growth,” said Sean Callow, a senior currency strategist at Westpac Banking Corp. in Sydney. “There’s no doubt that’s been one of the reasons the Aussie dollar has been more resilient than in the past.” Australia’s dollar added 0.3 percent to 94.77 U.S. cents and has gained 0.5 percent this week. It climbed 0.6 percent to 93.32 yen, up 1.5 percent from Oct. 4.
