Australia, New Zealand dollars scale fresh highs on China boost
The Aussie peaked at $0.6907 in the early Asian session, its highest since February 2023, while the kiwi rose to a nine-month top of $0.6353, with both currencies extending their rallies from the previous session.
The Australian dollar later pared some of its gains after data on Wednesday showed domestic consumer prices slowed to a three-year low in August, while core inflation hit its lowest since early 2022. It was last 0.06% lower at $0.6888.
Markets globally were basking in the afterglow of China's latest slew of support measures announced on Tuesday ranging from outsized rate cuts to aid for its stock market, in a move that encouraged investors.
In line with its broad easing measures, the People's Bank of China on Wednesday also lowered the cost of its medium-term loans to banks to 2.00% from 2.30%.
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