The Australian dollar has surged to a 10-month high, buoyed by expectations the Federal Reserve is on the cusp of slashing interest rates multiple times over the next year to arrest the sharp deterioration in the US jobs market.
The local currency jumped 1.4 per cent last week to a peak of US66.68¢ and was trading to about US66.47¢ on Monday, supported by the widening divergence in interest rate expectations between the US and Australia.
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