Australia, NZ dollars under pressure as US yields climb
Chinese stimulus offered only a sliver of support.
They drew some comfort from an outsized rate cut in Switzerland that saw the Aussie jump 1.3% on the Swiss franc, while an easing from the European Central Bank helped it firm on the euro.
It also held a 1.3% weekly gain on the yen to 97.14 as markets widened the odds on a possible rate hike from the Bank of Japan next week.
The Aussie had no such luck on the U.S. dollar as investors have scaled back expectations for rate cuts in 2025, even as they almost fully price in an easing for next week.
Futures imply U.S. rates will end 2025 around 3.80%, compared to 3.64% for Australian rates. Likewise, Treasury yields have jumped sharply in recent days, pushing the dollar up across the board.
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