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Australian dollar hits parity with its Canadian counterpart as rate outlook diverges
SYDNEY: The Australian dollar hit parity with its Canadian counterpart for the first time in more than eight years as diverging rate outlooks drove a widening gap between the two commodity currencies. The Aussie traded at C$1.0004 on Wednesday after climbing 0.2% overnight to hit an 8-1/2-year top of C$1.0012. It was also hovering near a 15-month high against the euro at A$1.6082 and not far from a three-month peak on sterling at A$1.8753. The Aussie’s strength against its major peers has been driven by a sharp shift in the Reserve Bank of Australia’s rate outlook, with a fourth hike this year...
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