Forex News

Aussie dlr loiters near 3-month lows on USD

12 April, 2012 - Reuters

SYDNEY/WELLINGTON, April 11 (Reuters) - The Australian and New Zealand dollars were nursing losses against the U.S. dollar and the yen on Wednesday as worries about global growth took another bite at risk sentiment.

  • Aussie under the cosh at $1.0271, from around $1.0307 in late local trade on Tuesday. It skid as far as $1.0226, its weakest since Jan. 9.
  • A sustained break below $1.0158, the base of the weekly Ichimoku cloud would indicate the end of the currency's climb. "We have not traded through the base of the cloud since May 2009, so a break there would be significant," said a dealer.
  • NZ dollar trades with a soft tone at $0.8142, roughly in line with its New York close, but around half a cent down from its late local level on Tuesday.
  • Kiwi looks to have a bearish tone with support around $0.8117/20, with strong support at 200-day MA at $0.8092. Resistance at $0.8183, the 20-day MA, with $0.8240 the next hurdle.
  • Aussie and kiwi were already on the defensive after data showed on Tuesday slowing import growth in China, a major trade partner for Australia and New Zealand. The market chose to ignore stronger Chinese export numbers on this occasion.
  • Australian housing finance fell 2.5 pct vs expectations of a more severe decline of 3.5 pct.
  • A measure of Australian consumer confidence fell for a second month in April as people fretted about their finances even as they became a little more optimistic on the economic outlook, according to a private survey.
  • The Antipodeans softer vs a broadly stronger yen, having fallen more than 1.3 pct overnight. The Aussie at 82.95
  • , within a whisker of a two-month lows of 82.43. Likewise for the kiwi hovering near its weakest since March 7. Last at 65.81.

  • Sterling extends rally to A$1.5502 , its highest of 2012. Last at A$1.5454 with A$1.5500 level proving to be a heavy zone of resistance.
  • Australian debt futures track U.S. Treasuries higher in safe-haven buying and hover near two-month peaks. Three-year contract gains 0.04 points to 96.800 and the 10-year

    contract up 0.035 points to 96.205.

  • New Zealand business confidence perks up in first quarter in closely followed survey, but the patchy and gradual nature of activity suggests central bank can hold rates at their current record low until well into next year.
  • NZ government bond prices follow safety bid, with yields sent up to 4 basis points lower at long end of the curve.

    (Australia and New Zealand bureaux)

    Copyright Thomson Reuters 2012. All rights reserved.

    The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

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