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The Australian dollar hit a 4-1/2 month high on Thursday after a robust jobs report prompted investors to widen the odds of further cuts in interest rates, in stark contrast to a weak labour reading in New Zealand which knocked its currency lower. The Aussie dollar rose as high as $1.0615, from around $1.0567 late in New York, with a breach of Tuesday's peak at $1.0604 triggering a burst of short covering. It last stood at $1.0591.
The bullish move came after employment edged past expectations with a rise of 14,000 in July, while the jobless rate surprised with a dip to 5.2 percent, leading investors to further pare the probability of more cuts in interest rates. The Aussie also rose against the euro and yen and strongly outperformed its New Zealand peer, jumping to a two-week high of NZ$1.3026.
The New Zealand dollar fell prey to a weak labour report, slipping to a near one-week low of $0.8111 from around $0.8155 in early trade. It recouped losses to around $0.8135 in late trade. "The jobs data will provide another degree of comfort for the Reserve Bank. An array of indicators has suggested that activity levels have bottomed out and showing modest signs of improving," said Savanth Sebastian, an economist at CommSec. Sebastian, however, said that further rate cuts remain on the card with worries about the euro zone debt crisis and a hard landing for China still festering in the background.

Copyright Reuters, 2012

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