Wednesday, 19 September 2012 10:59
WELLINGTON/SYDNEY: The Australian and New Zealand dollars took another step down from multi-month highs against the US dollar on Wednesday, while investors waited to see if the Bank of Japan (BoJ) will be the next major central bank to ease policy.
Speculation grows the BoJ might act after the Federal Reserve last week delivered a fresh round of monetary stimulus. Decision expected around 0300-0500 GMT.
Aussie & kiwi fall prey to position adjustment following recent hefty gains, with the Aussie slipping to $1.0419, from $1.0441 in early trade. Investors looking for excuses to sell as worries about China's economic health persist.
Kiwi dips to $0.8258 from $0.8267 early, keeping its distance from $0.8354, its highest since early March.
Aussie set to consolidate after last week's rally when it climbed four cents in seven sessions. Solid support at $1.0380-$1.0410, the 55-day MA and 50 pct retracement of the September climb. Resistance found at $1.0500, ahead ...