The dollar rose to a nine-month high versus the euro and Australian and New Zealand currencies on Thursday, with Federal Reserve policy makers mostly in agreement that a stimulus taper would start this year.
The Australian dollar fell to $0.72125 but pared most of those losses to trade 0.07% lower at $0.72265 after Australia reported a stronger jobs market than economists expected.
A reduction in debt purchases is typically positive for the dollar as it means the Fed will not be flooding the financial system with cash."Our read is that Fed officials will continue to signal ongoing steps toward normalising policy, providing the USD with crucial ongoing underlying support," Westpac strategists wrote in a client note.
The kiwi lost support on Wednesday after the Reserve Bank of New Zealand delayed becoming the first G10 central bank to raise interest rates during the pandemic, after a new outbreak thrust the nation into lockdown just a day earlier.On Thursday, RBNZ Governor Adrian Orr told parliament he still sees the official cash rate gradually increasing towards a more neutral level over the next 18 months.
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