Australia’s dollar touched the highest since June versus the greenback as traders pared wagers for further interest-rate cuts by the Reserve Bank this year.
The Aussie advanced for a fifth day and bond yields climbed after policy makers refrained from saying a weaker currency would help the economy in minutes today from their meeting this month. New Zealand’s dollar fell for the first time in three days against Australia’s after Reserve Bank of New Zealand Deputy Governor Grant Spencer said mortgage-lending restrictions could reduce the magnitude of rate rises.
The Australian dollar is being supported by “no new rhetoric on interest rates, and no new rhetoric on the currency front,” said David Forrester, a Singapore-based senior vice president for Group of 10 foreign-exchange strategy at Macquarie Bank Ltd. The Aussie may rise toward 96 U.S. cents, which would be a good level to sell, he said.
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