The Australian dollar tore higher on Wednesday, hitting four-month highs on its New Zealand neighbour, spurred on by an impressive domestic growth report and firm Chinese data. The Australian dollar climbed as far as $0.9004 after data showed Australia's economy grew at its fastest pace in three years last quarter as trade with its Asian neighbours boomed and consumer spending jumped.
In late trade, the Australian dollar was firm at $0.9007, a good way from the day's low of $0.8913. Against the yen, it jumped about one yen to 75.93. On the New Zealand dollar, it climbed as far as NZ$1.2821, a new four-month peak. In fact, some reckoned the RBA might even have to lift rates again from 4.5 percent given the buoyant domestic economy. The kiwi gained as much as a third of a cent to a high of $0.7037 after the Australian GDP data at 0130 GMT. Against the yen the kiwi was shade higher at 59.21, after the yen weakened broadly on the Aussie GDP.
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