Australian Dollar

The Australian dollar's dominant run against New Zealand's currency is running out of steam after hitting three-year highs. Strategists see the AUD/NZD rally peaking as the Reserve Bank of New Zealand's hawkish rhetoric bolsters the kiwi's appeal, while both currencies benefit from gold's surge to record $5,000-plus per ounce. The fundamental driver remains: Australia's economy grew 1.8% while New Zealand contracted 0.6% since June, but RBNZ signals may reverse that divergence. With the AUD at key support around 1.0980 against the NZD, currency traders are watching whether New Zealand's 5.1% unemployment rate has finally peaked.