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The Australian and New Zealand dollars gained for the first time in three days against the greenback as technical indicators signaled the South Pacific currencies may be oversold.
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Central banks are taking over as leading buyers of Australia’s bonds after Japanese investors sold the securities at the fastest pace in at least eight years.
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Australia’s central bank kept its benchmark interest rate unchanged to match a half-century low in response to a recovery in household spending as traders pushed out bets on the next reduction in borrowing costs.
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Australian employers hired almost three times the number of workers economists forecast for September, pushing up the local currency, even as the unemployment rate jumped to a 2 1/2-year high.
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Australia’s dollar dropped against most major peers after Chinese factory output had its slowest start to a year since 2009, damping the outlook for the South Pacific nation’s commodity exports.
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Australia’s trade deficit was twice as wide as economists had forecast in January as coal exports fell and telecommunications equipment imports rose.
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Iron ore, the commodity most leveraged to China’s growth and Australia’s biggest export earner, is heading for the longest bear market in 20 years.
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Australia’s economy slowed last quarter on the weakest consumer demand in 2 1/2 years and tighter government spending, validating the central bank’s decision to cut interest rates.
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Australia’s core inflation rate accelerated above the middle of the central bank’s 2 percent to 3 percent annual target range last quarter, prompting traders to pare bets on another interest-rate reduction next month.
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Bond investors are showing doubts the Reserve Bank of Australia will cut the developed world’s highest benchmark interest rate as progress on solving Europe’s debt crisis spurs the biggest debt-market sell-off this year.
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