SYDNEY: The Australian and New Zealand dollars were trying to stabilise on Wednesday as expectations for super-sized U.S rate hikes boosted the US dollar across the board, though surging local yields offered a sliver of support.
The Aussie did manage a bounce to $0.6913, having lost 0.8% overnight to a fresh one-month low of $0.6850. A break of the May trough at $0.6829 would take it to levels not seen since the depths of the pandemic in mid-2020.
The kiwi dollar stood at $0.6237, after losing 0.7% overnight and breaching its May low to reach a two-year trough of $0.6197. There is not much chart support now until $0.6000 and $0.5920.