The Australian and New Zealand dollars were near the lowest levels in at least four years as bond yields in the two nations tumbled on prospects their central banks will join a global wave of monetary easing.
The kiwi slumped the most in a week on Wednesday trading in New York as the Reserve Bank early on Thursday local time shifted its policy bias to neutral. The Aussie was near its weakest since July 2009 as traders bet there’s a 50 percent chance the country’s central bank will cut rates on Feb. 3. A gauge of the U.S. currency held near the highest since it was first compiled 10 years ago as the Federal Reserve maintained its pledge to be “patient” on the pace of future rate gains.
“For the first time in a very long time, the RBNZ is talking about the possibility of rate cuts,” and that’s hurting the kiwi, said Joseph Capurso, a currency strategist at Commonwealth Bank of Australia in Sydney. “The Fed’s the only one that people can see tightening this year. All roads lead to a higher U.S. dollar.”
Bloomberg
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