The Australian and New Zealand dollars hit four-month highs on Monday as markets wagered on early and aggressive rate cuts in the U.S. while all eyes were on the outcome of a policy meeting in Australia this week.
The Aussie touched a four-month high of $0.6690 after rallying 1.4% last week in the third straight week of gains. The currency climbed 4.2% in November and has support at the 200-day moving average of $0.6580.
The kiwi hit $0.6222, a four-month high, gaining 2.1% last week. It climbed 5.7% in November, guided higher by a surprisingly hawkish Reserve Bank of New Zealand as it forecast rate hikes were not over.
