The Australian dollar hit a record high on the euro on Monday and a 25-year peak on the sterling after Ireland's debt rating was slashed and as risk appetite proved resilient to tensions in the Korean peninsula and to falls across Asian stock markets.
The euro hit a record low at around A$1.3269 after Moody's cut Ireland's debt rating by five notches. Although a cut was always on the cards, its amplitude surprised many and pushed the single currency further down against the dollar and other major currencies.
Pressures on the euro dragged sterling, which hit a 25-year low against the Aussie at A$1.5648. The currency is under pressure amid concerns about the exposure of UK banks to Ireland.
The New Zealand dollar recovered slightly to around $0.7386 in late trade from $0.7370 in early trade, but still within sight of the near-two month low seen last week. The Aussie soared to NZ$1.3443 on Monday, a new decade high, having climbed over 5 percent in the past month.