Australia, New Zealand Dollars Weak as US Yields Rise, Housing Data Deters
The Australian and New Zealand dollars weakened as surging US Treasury yields bolstered the greenback. Domestic data revealed Australia's housing market is struggling under the pressure of increasing borrowing costs, with the kiwi dollar falling to a one-year low of $0.56.
The Australian and New Zealand dollars started the new month under pressure as rising US bond yields supported the greenback, while domestic data showed Australia’s housing market weakening under the strain of higher borrowing costs. 56.