Australian and New Zealand dollars are leading the move against the US dollar - BBH

Research Team at BBH, notes that the Australian and New Zealand dollars are leading the move against the US dollar today (up to ~0.7% and 0.8% respectively). 

Key Quotes

“The driving force is not Fed expectations, but a greater sense that the RBA is in no hurry to cut interest rates and that an RBNZ rate cut next month is near a done deal that had been discounted.  The Aussie is having another run at its nemesis near $0.7700 that has blocked the upside over for several months.  Slightly stronger than expected CPI helped the Kiwi has come up to test the 20-day moving average (~$0.7200) and a retracement objective of the nearly five-cent decline since early-September ($0.7210).  A break could spur a move toward $0.7260-$0.7300.  Consumer prices rose 0.2% in Q3.  The median guesstimate was flat after a 0.4% rise in Q2.  The year-over-year rate also stands at 0.2%.  It was expected to ease to 0.1%.  Kiwi is sitting just below its highs ahead of the dairy auction.”