The Australian dollar touched a four-week high

The Australian dollar touched a four-week high

18 Oct 2019 10:02 AM
 

The Australian dollar touched a four-week high on Friday as the market scaled back bets on a near-term cut in local interest rates, while Chinese data showed some resilience in September activity even as third-quarter growth slowed.

The Aussie dollar was firm at $0.6835 after jumping jumped almost 1% on Thursday alone as a break of major resistance at $0.6810 sparked a wave of short-covering. The New Zealand dollar followed to its highest in five weeks at $0.6376, climbing 0.9% overnight. 

 The rally began when Australian jobs data showed an unexpected dip in unemployment in September, which dimmed speculation the Reserve Bank of Australia (RBA) would cut interest rates again soon.