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Aussie & NZ$ on track for fourth week of gains

03 February, 2012 - Reuters

WELLINGTON/SYDNEY, Feb 3 (Reuters) - The Australian and New Zealand dollars held near multi-month highs against the greenback on Friday andwere on track for a fourth straight week of gains amid a general improvement in risk appetite globally.

  • The Aussie around $1.0709, from $1.0712 in NY. It rose as far as $1.0758, a level not seen since Sept 1, before settling at $1.0739 on Thursday.
  • Aussie momentum still positive, having risen nearly five pct so far this year. Resistance seen in the $1.0758/1.0765 zone and support at $1.0596. A sustained break higher could open the way for a retest of the 29-year peak of $1.1081 hit in July.
  • The kiwi last around $0.8338, after scaling a five-month peak of $0.8368 overnight.
  • It is up more than seven pct this year, and looking stretched technically. Support still around $0.8300 while the upper Bollinger band of $0.8372 likely caps the topside.
  • Euro surrenders earlier gains, steadying at $1.3140

    • , as Greek debt talks still weigh. But the dollar had its own burdens as a dovish-sounding Federal Reserve Chairman Ben Bernanke kept alive talk of more easing.

  • The euro steady against the Antipodeans, but stays under pressure, holding around A$1.2270 against the Aussie, not too far from record low A$1.2220 struck in mid-January. It was last at NZ$1.5753 , after hitting a record low of NZ$1.5708 on Thursday.
  • Wall street seesawed in a tight range, with winners and losers pushed by earnings reports, while a drop in U.S. jobless claims pointed to a slowly healing labor market. The CRB commodity index down 0.2 pct, with gold higher but copper and oil down.
  • Markets await U.S. payroll data on Friday. An upbeat result would tend to support risk sentiment, while a weak number would only add to the case for more QE.
  • No major Australian data due with market looking ahead to the Reserve Bank of Australia's rate decision next week. Swap rates imply a 76 pct chance of a 25 bps cut, while interbank futures put it at 58 pct. NZ Migration due Friday.
  • Aussie softer at NZ$1.2838 , from NZ$1.2855 in late local trade on Thursday.
  • Australian bond futures flat, in line with the Treasuries, with the three-year contract at 96.820 and the 10-year contract at 96.230.
  • NZ government bond prices mostly firmer, with yields down 1 bps 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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