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The Australian dollar was pinned near two-month lows on Thursday as the greenback surged on bets inflation and interest rates will rise in the United States under President-elect Donald Trump. The Australian dollar was at $0.7478, after skidding as far as $0.7461 overnight, its lowest since September 15. The Aussie was now threatening a key chart support, and a break would take it to territory not visited since June.
The Aussie has lost more than 3.5 percent since Trump's victory on November 8 raised the spectre of faster US inflation and, perhaps, more rate hikes by the Federal Reserve. The New Zealand dollar bounced after six straight sessions of losses. It was last up 0.4 percent at $0.7095, not too far from a one-month trough hit on Wednesday.
In contrast to its trans-Tasman cousin, New Zealand is enjoying stronger employment growth. Data on Thursday showed job ads rose nearly 18 percent in October from a year ago. New Zealand government bonds ticked higher, sending yields up about 1 basis point lower at the longer end of the curve.
Australian government bond futures rose too, with the three-year bond contract up 3 ticks at 98.22. The 10-year contract climbed 6 ticks to 97.45. Australian jobs data issued on Thursday did little to boost confidence at home, with employment rising by less than expected and heavily weighted towards part-time work. Data on Wednesday showed wages growth at a record low. For the Aussie, "closing beneath 75 US cents was a notable victory for bears who are now eyeing a run towards $0.7439," said Matt Simpson, senior analyst at ThinkMarkets in Melbourne.

Copyright Reuters, 2016

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