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A$, NZ$ near 3-week highs vs USD, fly on yen

australian-dolarWELLINGTON/SYDNEY: The Australian and New Zealand dollars held near three-week highs against their US counterpart on Monday on hopes Greece will finally secure more emergency loans to keep it afloat, and scaled seven-month peaks versus a depressed yen.


The Aussie steady at $1.0460. It is a whisker away from a two-month high of $1.0480 hit in November.


It has rallied more than 1 pct last week and a break above $1.0480 could see it aim for the September peak of $1.0625. Support found at $1.0425.


The kiwi last at $0.8240, just below Friday's offshore peak of $0.8250 as risk back in vogue.


It is up 2.3 pct since hitting a 2-1/2 month low on Nov 16 when economic data disappointed. Support seen around $0.8200, with initial resistance at $0.8287.


The Antipodeans outshine yen once again, with the Aussie powering up to 86.40 yen, its highest since early April. Having gained 4.3 pct so far this month, it could test this year's peak of 88.62 set in March.


The kiwi climbs to 68.07 yen, showing a 3.6 pct increase in November. Key resistance at 69.11, the 2012 peak.


Yen has been suffering deep losses across the board this month on expectations of more aggressive monetary stimulus from the Bank of Japan (BOJ).


Upbeat market sentiment sends Asian equities higher with Japan's main share index up 1.15 pct ahead of yet another euro zone meeting for debt-stricken Greece.


Key data for Australia this week is Q3 business investments due Thursday. Forecasts are for a 2 pct gain, following a solid rise of 3.4 pct the previous quarter.


A weak report could raise the chances of a December rate cut by the Reserve Bank of Australia. Markets put around 50-50 chance of a 25 basis-point cut in the official cash rate to 3 percent next week .


NZ's most closely-watched release this week likely to be the Reserve Bank of NZ's survey of inflation expectations on Tuesday. A particular focus on the two-year read, which is regarded as the central bank's policy timeframe. Other data includes overseas trade and building.


NZ government bonds trade with hint of an offered tone, sending yields 1 basis point lower across the curve.


Australian government bond futures under pressure with the three-year contract at 97.240, its weakest in more than two months. The 10-year contract falls to one-month lows of 96.770.


Copyright Reuters, 2012


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