Photographer: Brent Lewin/Bloomberg

Central Bank Rate Cuts Seem Passe as Aussie, Kiwi Surge: Chart

The Aussie rallied last week after its central bank cut interest rates to a record and now it’s the kiwi’s turn to do the same. Australian and New Zealand policy makers -- seeking to fight weak inflation and resilient exchange rates -- delivered exactly what the market wanted by dropping their cash rates a quarter point and failing to show a willingness to do more soon. That wasn’t enough for currency traders amid unprecedented global monetary easing, as investors hunt for just the sort of yields on offer in what are still the world’s two highest-yielding major developed economies.