Aussie Hits 7-Week High Versus Kiwi as Job Data Diverge
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Australia’s dollar touched a seven-week high against its New Zealand peer as gains in the nation’s employment exceeded estimates, while the jobless rate in the smaller country surged to the most in 13 years.
The so-called Aussie rose versus most major counterparts as investors reduced bets the Reserve Bank of Australia will cut borrowing costs next month. The New Zealand dollar, known as the kiwi, fell for a second day against the greenback after its biggest loss in three months. Demand for both currencies was limited as U.S. President Barack Obama faces budget negotiations with Congress.