The Australian and New Zealand dollars rallied to one-month highs against a depressed euro on Friday and edged up on the dollar after markets reacted coolly to President Barack Obama's ambitious $447 billion job package. The single currency, last at A$1.3102, sank as low as A$1.3090, having crashed through a series of support levels. It looked set to test the July trough of A$1.2922, ahead of an all-time low of A$1.2910 struck in December.
Against the kiwi, the euro dived to around NZ$1.6620, nearing NZ$1.6560, the 76.4 percent retracement of the move from NZ$1.6186 to NZ$1.7770. It last traded at NZ$1.6648. On the week, it fell nearly 2 percent against the Aussie and was down about 0.7 percent on the kiwi. The New Zealand dollar edged up to $0.8351 from $0.8309 in New York. Support is found at around $0.8285, but the kiwi is likely to struggle heading into $0.8400, traders said.
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