The Australian dollar has soared against the US counterpart to the highest level in three weeks after the Asian stock markets rebounded on optimism European leaders will take decisive action to tackle a regional debt crisis that's spurred demand higher yielding currencies such as the Aussie.

On the other hand, the New Zealand currency (Kiwi) advanced for a second day in a row against the greenback after the commodities prices rallied, adding that the nation's exports will record a gain more than a previous, supporting the demand for the south pacific currency.