Aussie Reaches 95 U.S. Cents for First Time Since July 2008

The Aussie climbed to 95 U.S. cents for the first time since July 2008 after minutes of the Reserve Bank’s meeting said Australia is likely to need higher interest rates if the bank’s forecast for growth is realized.

New Zealand’s dollar dropped against its Australian counterpart as investors reduced speculation that the Reserve Bank of New Zealand will raise borrowing costs after this month’s earthquake.