{
  "id": 18265716,
  "title": "Australia, NZ dollars extend gains as US Democratic sweep fuels risk rally",
  "url": "https://urgent.news/2026/11/05/australia-nz-dollars-extend-gains-as-us-democratic-sweep-fuels-risk",
  "topic": "business",
  "section": "Business",
  "published": "2026-11-05T06:40:46.000Z",
  "source": {
    "name": "Business Recorder",
    "slug": "business-recorder",
    "url": "https://www.brecorder.com/news/40447539/australia-nz-dollars-extend-gains-as-us-democratic-sweep-fuels-risk-rally"
  },
  "original_language": "en",
  "account": "The Australian and New Zealand dollars continued to rise on Thursday, following a Democratic Party victory in the US midterm elections. This rally in equities and a decrease in the greenback contrasted with domestic challenges. The Australian dollar increased by 0.2% to $0.7019, after a 0.6% surge the previous day to a high of $0.7022. This recovery marked a break from a two-day decline after the Reserve Bank of Australia raised interest rates for the fifth time this year, though it ceased its tightening trend. The New Zealand dollar also gained 0.4% to $0.5642, having risen 0.6% overnight to a high of $0.5645, avoiding a low not seen since April 2025. Stock prices initially plummeted after Democrats took control of Congress in the US elections, but a nearly 9% drop in oil prices later prompted a positive shift, as concerns about an imminent attack on Iran diminished. The global stock market surged, while the dollar and bond yields fell. In Australia, attention now turns to Andrew Hauser, deputy governor of the RBA, who is scheduled to address the nation later in Canberra. He is anticipated to discuss the perceived trust in the monetary policy transmission and might be questioned about the impact of the recent oil price decline on policy decisions. Additionally, David Jones, a 188-year-old department store chain, entered administration on Thursday, while National Australia Bank reported a significant drop in its annual profits. \"There are signs that activity in Australia is now slowing,\" stated Diana Mousina, deputy chief economist at AMP. \"Slower economic growth means a softer labour market, and we expect the unemployment rate to rise towards 5% in mid-2027 (from the current 4.7%). However, this is at the lower end of Australia's typical experience.\" Swaps indicate a mere 6% probability that the RBA will raise interest rates again next month, with 6 basis points of additional tightening forecasted by early next year. Rate cuts are on the horizon, with a quarter-point move already priced by the end of the year. On the other hand, there is a 60% chance that the Reserve Bank of New Zealand will raise interest rates by a quarter point in December following a narrow vote that held policy steady last month. New Zealand is also set to vote on Saturday, with Prime Minister Christopher Luxon's National coalition government facing voter dissatisfaction over the high cost of living, rising unemployment, and an underperforming economy. Data released on Wednesday revealed the jobless rate climbed to an 11-year high of 5.7% in the third quarter.",
  "summary": "SYDNEY: The Australian and New Zealand dollars extended gains on Thursday as a Democratic Party sweep in the US midterm elections fuelled a rally in equities and a broad retreat in the greenback, offsetting domestic headwinds. The Aussie dollar edged up 0.2% to $0.7019 after rallying 0.6% overnight to as high as $0.7022. The rebound broke a two-day losing streak after the Reserve Bank of…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 7,
    "also_reported_by": [
      {
        "outlet": "Gulf News",
        "title": "Trump confirms US strikes on Iran's Qeshm Island: ‘We watched it get built — then we hit it’",
        "url": "https://urgent.news/2026/11/03/trump-confirms-us-strikes-on-irans-qeshm-island-we-watched-it-get",
        "published": "2026-11-03T23:33:57.000Z"
      },
      {
        "outlet": "The Economic Times",
        "title": "US has no immediate plan to strike Iran: Trump",
        "url": "https://urgent.news/2026/11/03/us-has-no-immediate-plan-to-strike-iran-trump",
        "published": "2026-11-03T23:48:26.000Z"
      },
      {
        "outlet": "Arutz Sheva - Israel National News",
        "title": "Trump to Financial Times: We have no immediate plans to strike Iran",
        "url": "https://urgent.news/2026/11/03/trump-to-financial-times-we-have-no-immediate-plans-to-strike-iran",
        "published": "2026-11-03T23:51:00.000Z"
      },
      {
        "outlet": "Hindustan Times - World News",
        "title": "Trump says Iran war played a role in US midterms losses",
        "url": "https://urgent.news/2026/11/04/trump-says-iran-war-played-a-role-in-us-midterms-losses",
        "published": "2026-11-04T05:23:14.000Z"
      },
      {
        "outlet": "Free Malaysia Today",
        "title": "Trump acknowledges Iran role in Democratic sweep",
        "url": "https://urgent.news/2026/11/04/trump-acknowledges-iran-role-in-democratic-sweep",
        "published": "2026-11-04T05:51:52.000Z"
      },
      {
        "outlet": "Axios",
        "title": "Key Pentagon priorities in peril after Democratic sweep",
        "url": "https://urgent.news/2026/11/04/key-pentagon-priorities-in-peril-after-democratic-sweep",
        "published": "2026-11-04T19:09:52.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}