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An Australian one-hundred dollar banknote, top, and a New Zealand one-hundred dollar banknote are arranged for a photograph in Hong Kong, China, on Thursday, March 13, 2014.

The Australian and New Zealand dollars scaled multi-month peaks on Wednesday while sterling hit its highest in more than two years against a weaker dollar, as China's aggressive stimulus package provided the latest shot in the arm for risk appetite.

The Aussie peaked at $0.6907 in the early Asian session, its highest since February 2023, while the kiwi rose to a nine-month top of $0.6353, extending their strong gains from the previous session.

Markets globally were basking in the afterglow of China's latest slew of support measures announced on Tuesday ranging from outsized rate cuts to aid for its stock market, in a move that encouraged investors.

The buoyant risk sentiment in turn kept the dollar broadly on the back foot.

Sterling similarly advanced 0.1% to trade at $1.3429, a level not seen since March 2022. It drew additional support from less aggressive expectations of rate cuts from the Bank of England this year as compared to the Federal Reserve.

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