AUD/NZD rose 0.4% to 1.2332, its strongest level since April 2013, after Reserve
Bank of Australia deputy governor Hunt said the RBA may need to hike again to
curb inflationary pressure. RBNZ commissioner Guy said the cash rate may already
be in neutral territory. The pair is up 6.2% YTD as traders bet the policy-rate
gap will widen; markets price at least one more RBA hike this year while
expecting the RBNZ's next tightening not before February. The Australian dollar
is also supported by commodity gains—iron ore back above $100/ton and copper at
record highs.