Australia dollar, bond yields climb on hawkish Lowe; kiwi lags

Reuters

Australia dollar, bond yields climb on hawkish Lowe; kiwi lags

2023 6월 7 일, 오전 5:23 GMT

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SYDNEY, June 7 (Reuters) -The Australian dollar climbed to a three-week high on Wednesday, supported by hawkish comments from Governor Philip Lowe after a surprise increase a day earlier, while three-year bond yields touched five-month highs.

The Aussie AUD=D3 rose to a three-week high of $0.6690 but ran into some resistance at the 200-day moving average of $0.6692 and settled near $0.6680. It has support at $0.6616.

The currency had climbed 0.8% overnight after the Reserve Bank of Australia (RBA) delivered the 12th rate increase since May 2022 - bringing the total tightening to an eye-watering 400 basis points - and warned more rate increases may be required.

On Wednesday, Governor Lowe said recent upside risks to the already drawn-out return of inflation to its target have left the central bank with no alternative but to raise rates in May and June, after briefly holding steady in April.

Separately, the first-quarter GDP report showed labour costs accelerated in March, with productivity remaining suppressed, a result that could worry policymakers, as Lowe has recently flagged a pickup in productivity in hitting the inflation mark by mid-2025.

"Overall, we viewed the speech as signalling a hawkish shift in the RBA's reaction function, which to date has been somewhat more dovish than global peers," said Andrew Boak, an economist at Goldman Sachs, adding that he now sees rates peaking at 4.85%, compared with a previous forecast of 4.35%.

Bond investors took these developments badly. Three-year yields AU3YT=RR rose 5 basis points to 3.703%, the highest since October last year, on top of an 11 basis point jump on Tuesday.

Ten-year yields hit a three-month high of 3.824%. AU10YT=RR

Markets wagered that rates will 4.35% by October and an increase could come as soon as next month. 0#RBAWATCH

The New Zealand dollar lagged at $0.6078 NZD=D3, after eking out a gain of 0.1% overnight to as high as $0.6100. It has support at $0.5986.

Reporting by Stella Qiu. Editing by Gerry Doyle

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