Aussie, Kiwi Advance as U.S. Stocks Rally on Fed’s Rate Stance
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The Australian and New Zealand dollars rose as stocks rallied after the Federal Reserve pledged to keep its benchmark interest rate at a record low at least through mid-2013 to support the recovery.
The Aussie dropped earlier below parity with the U.S. currency for the first time since March on concern the world’s largest economy is slowing and the euro region’s sovereign-debt crisis is getting worse. The South Pacific nations’ currencies slid immediately after the Fed’s statement as stocks fell.