Aussie Rises to Highest in 13 Years Against Kiwi on Hawkish RBA

The Australian dollar jumped to its highest level in 13 years versus the New Zealand dollar, supported by a shifting rate outlook from both central banks and a rise in metals prices. The Aussie gained as much as 0.4%, reaching NZ$1.2332, marking its strongest performance against the kiwi since April 2013. The move reflects a diverging interest-rate expectation between Australia’s Reserve Bank of Australia and New Zealand’s counterpart, helping lift demand for the Australian currency. With the pair near multi-year highs, traders will likely watch further signals from monetary policy for direction.