Forex News

Aussie & kiwi dlrs struggle with global growth

23 March, 2012 - Reuters

WELLINGTON/SYDNEY, March 23 (Reuters) - The Australian and New Zealand dollars struggled around two-month lows against the U.S. dollar early Friday after being hit hard by soft European and China manufacturing surveys, with renewed worries about global growth putting pressures on commodity currencies.

  • Aussie last at $1.0384, having been as deep as $1.0336, lowest since Jan. 17, from $1.0377 late Thursday. Major support now at $1.0300 with resistance at $1.0420.
  • The NZ dollar at $0.8092 vs $0.8095 late Thursday. It slipped to a two-month low of $0.8058 in offshore trade, as soft domestic GDP data added pressure to the currency.
  • Corrective rally possible, having slipped 1.6 pct this week, with $0.8160 seen as the topside while support holding around $0.8060.
  • Having been rocked by weak reading of China's PMI on Thursday, the Antipodeans got another blow after manufacturing in the euro zone unexpectedly fell in March, hit by a sharp fall in French and German factory activity.
  • The Antipodeans retreat further against the yen, which is also benefiting from improving trade data and safe-haven bids.
  • Aussie last at 85.73 yen , slipping further from a 10-month peak of 88.62 set on Monday. Kiwi at 66.78 yen
  • , from a near two-year high of 69.12 earlier this week.

  • The euro weakens against the greenback and yen on the poor Euro PMI figures. Commodities also fall, with the CRB commodity index down 1.2 pct. Gold, copper and oil all lower.
  • But the single currency gains further against the Antipodeans, holding around three-month highs having chalked up 2 pct this week. It was last at A$1.2699 and at NZ$1.6293 , respectively.
  • Australian debt futures track Treasuries higher. The three-year contract rose 0.050 points to 96.350, and the 10-year contract up 0.050 points to 95.775.
  • NZ government bonds follow, with yields 1.5 ticks lower across 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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