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A$, NZ$ halt decline, but mood fragile

australian-dolarSYDNEY/WELLINGTON: The New Zealand and Australian dollars hovered near multi-week lows against greenback on Friday as wary investors trimmed demand for high-yield assets, although the chances of more stimulus in Japan saw them firm on the yen.


New Zealand dollar at $0.8102 vs a two-month low of $0.8079 set in New York trade.


Aussie trades at $1.0334 vs $1.0307 early, it touched a three-week low near $1.0300 overnight when stop-loss selling was triggered at $1.0350.


Traders cite good buying interest ahead of $1.0300 with sovereign buying on dips also helping.


Aussie & kiwi nursing heavy losses against the euro , sterling and Canadian dollar .


Investors wary ahead of the looming US fiscal cliff and ready to use any excuse, including escalating violence in Gaza, to unwind Aussie and kiwi long positions, dealers say.


Price action also exaggerated by heavy portfolio re-balancing from hedge funds facing a period of redemptions.


Traders say Australian bird flu reports have little to do with the Aussie dollar decline.


But Antipodeans hold hefty gains against a broadly depressed yen on expectations the Bank of Japan will engage in more aggressive monetary easing.


Aussie at 83.78 yen, closing in on a six-month high of 84.14 hit earlier this month, while the kiwi firms to 65.71 yen, having surged 1 pct on Thursday.


Kiwi's near-term support vs the US dollar seen around $0.8080, the 61.8 percent retracement of its September rally and close to 200-day moving average, ahead of $0.8050. The topside seen capped at $0.8130 initially.


Aussie resistance seen at $1.0370, the 20- and 100-day MA with support at $1.0275, the 61.8 pct of the $1.0419-$1.0480 move.


The IMF gives a stamp of approval to Australia's loose monetary stance, saying there was room to ease further if needed.


IMF notes the Aussie dlr is still a bit above its long-term average, and calls on the government to continue to increase national saving, whether by reducing the budget deficit or increasing pension contributions.  * Australian government bond futures retreat from multi-week highs, with the three-year contract down 0.040 points at 97.490, recoiling from a three-week peak of 97.540. The 10-year contract eases 0.035 points to 97.055, having hit a one-month high of 97.070.


New Zealand government bonds turn flat after firm start.


Copyright Reuters, 2012


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