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Aussie & NZ$ rise on global data, kiwi hits record vs euro

02 February, 2012 - Reuters

WELLINGTON, Feb 2 (Reuters) - The Australian and New Zealand dollars rallied to multi-month highs against the greenback on Thursday, lifted by rising stocks and renewed optimism over a Greek debt deal as well as stronger manufacturing data in major economies.

  • The euro also sagged to a fresh low of NZ$1.5778

    • before steadying around NZ$1.5803 early.

  • Against the Aussie, the euro weaker at A$1.2290 , not far from record low of A$1.2220 struck in mid-January.
  • The Aussie up around $1.0700, having spiked 1.2 pct to a three-month high of $1.0742 overnight as various option barriers were taken out.
  • Aussie momentum still positive after bursting through $1.0690, with $1.0753 and $1.0765 as the next targets.
  • The kiwi rallied 1.5 pct to $0.8357, the best since early September. Last at $1.8325.
  • Kiwi ignores lower dairy prices at the latest auction. Prices have stayed at a relatively high level despite recent softening.
  • Chart shows the currency in overbought territory and momentum waning, with a test of $0.8214 possible and resistance sitting around $0.8343, then $0.8373.
  • Still, low U.S. dollar rates likely to limit any major selling in the Antipodeans, which have shined so far this year.
  • Euro rallies, after Greek Finance Minister Evangelos Venizelos said talks with private creditors on a bond swap deal were "one formal step away".
  • The Antipodeans remain strong against the yen, as markets eye possible yen intervention against the U.S. dollar. Aussie around 81.55 yen , off overnight peak of 81.86, not too far from a three-month high of 82.86 hit last week. Kiwi also follows, easing to 63.42 from 63.68.
  • Risk assets mixed, with gold, copper and oil up, helped by strong PMI manufacturing data from the United States, China and Germany. U.S. stocks higher while the CRB commodity index dipped.
  • Australian data due Thursday include building approvals and trade for December, while NZ has ANZ commodity index.

  • Aussie softer around NZ$1.2853 , from NZ$1.2889 in late local trade on Wednesday, with expectations of a Reserve Bank of Australia rate cut next week weighing.
  • U.S. Treasuries prices fell on improving risk sentiment, with benchmark 10-year yield up to 1.85 pct from 1.79 percent late Tuesday.
  • That also hit Australian bond futures. The three-year contract indicated down 0.05 point at 96.840, and the 10-year contract 0.05 points lower at 96.220.
  • NZ government bond prices follow, with yields up 5 bps along 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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