Aussie and Kiwi Dollars Surge Near Multi-Week Highs Amid Global Economic Shift

The Australian and New Zealand dollars are near multi-week highs as the US dollar eases broadly. The Aussie has risen to $0.7111, reaching a 10-week top at $0.7129.

This comes after recent pieces of US economic data missed forecasts, while news improved in other developed nations. According to Tim Baker, a macro strategist at Deutsche Bank, 'It's denting the US growth exceptionalism picture.' He notes that 'the dollar tends to lag when growth is looking solid elsewhere in the world.'

The Aussie has broken through $0.7088 resistance, which is bullish for a push to $0.7200 and its May peak of $0.7277. The kiwi dollar has also touched a 10-week high at $0.5926.