The Australian and New Zealand dollars both hit ten-week highs as easing Federal Reserve rate hike expectations continue to pressure the US dollar.
智通财经2026/08/17 06:31- On Monday, the Australian dollar rose by 0.45% to $0.7115 against the US dollar, breaking the key resistance level of $0.7089 and maintaining an upward trend for seven consecutive weeks. The New Zealand dollar surged by 0.48% to $0.5916 versus the US dollar, after jumping 0.67% last Friday. Both currencies reached their highest levels in ten weeks, mainly driven by broad US dollar weakness.
- Recently, a series of US economic data releases have been disappointing—including inflation figures coming in lower than expected and a surprise drop in retail sales—which has prompted investors to sharply reduce bets on further rate hikes by the Federal Reserve. The market now expects a 71% probability that the Federal Reserve will keep rates unchanged next month.
- This week, market attention will shift toward Thursday’s release of Australia’s July employment report. The market expects an increase of 15,000 jobs and the unemployment rate to remain unchanged at 4.4%. ITC Markets analysts pointed out that if the employment data is strong, the Australian dollar could further challenge May’s high of $0.72 before the Jackson Hole Global Central Bank Annual Meeting.
- As for New Zealand, the market estimates an 86% probability that the Reserve Bank of New Zealand will raise rates by 25 basis points at its early September meeting, and expects rates to reach 3.0% by year-end. Australia will also release second quarter wage data on Wednesday, while Reserve Bank of Australia Deputy Governor Hauser will speak, providing further direction for the short-term movement of the Australian dollar.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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