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On Friday, the Australian dollar (AUD) and New Zealand dollar (NZD) maintained significant weekly gains as the sharp decline in Treasury rates hurt their American counterparts and indications of a loosening of China’s zero COVID policy raised risk sentiment.
AUD and NZD Tap Monthly Peak Against Weakening USD
The Australian dollar, which yesterday hit a three-month high of $0.6847, was resting at $0.6815 at press time. As a result, it ended the day 0.9% firmer for the week and 6.1% higher for the month of November as a whole.
Likewise, after reaching a four-month high of $0.6400, the kiwi was up at $0.6375 against the dollar (USD).
Meanwhile, Australian 10-year interest rates (AU10Y) have fallen 18 basis points to 3.409%, the lowest level since mid-August, indicating that bonds have also had a tremendous week. The price of three-year bond futures (YTTc1) has increased by 24 points as markets have priced in lower cash rate peaks in the US and at home.
There was even speculation that the Reserve Bank of Australia (RBA), in response to an unexpectedly low figure on monthly inflation, may suspend its tightening program the following week.
Futures are still favoring a quarter-point increase to 3.1%, but it is much more uncertain now than it was a week ago.
Commenting on the possible RBA move, David Plank, the head of Australian economics at ANZ, said:
“We do think a December pause will be considered, but with the RBA not meeting again until February and the recent wages and employment data being robust, we expect the cash rate target to be lifted by 25 bps.”
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