WELLINGTON/SYDNEY: The Australian and New Zealand dollars barely budged on Wednesday after a volatile session overnight, trading in very slim ranges as investors waited for fresh news on Europe's efforts in tackling its debt crisis.
Aussie at $1.0255 vs $1.0293 late in New York. It has been consolidating since rallying some 10 pct from a one-year trough of $0.9388 on Oct 4.
Aussie seen in broad range of $1.0118 and $1.0372, with near term support at $1.0200. Initial resistance seen at $1.0384, the 200-day moving average.
No reaction to speech by RBA Assistant Governor Guy Debelle, who again gave Australian banking sector a clean bill of health, saying they are not facing anything like the funding pressures of their European peers.
The NZ dollar a touch softer around $0.7943, from an early high of $0.8009 and against its Tuesday late local level of $0.7922.
Support seen around $0.7900 and below that $0.7857, with $0.7975 the first line of resistance ahead of $0.8015.
Market focus still very much on this weekend's European leaders' summit and whether they will deliver a convincing strategy to resolve the region's sovereign woes.
Britain's Guardian newspaper reported on Tuesday that France and Germany had agreed to boost a euro zone financial rescue fund to two trillion euros ($2.76 trillion).
But German Chancellor Angela Merkel warned that leaders would not solve the debt crisis at one summit meeting. For more see.
Investors also wary after Moody's warned on Monday it may slap a negative outlook on France's Aaa credit rating in the next three months . Moody's on Tuesday cut Spain's credit rating by two notches.
The Antipodeans claw back some of the previous day's losses against the yen, after they had fallen sharply from one-month highs. Aussie last around 78.57 yen from 78.39 yen. Kiwi edges up to 60.92 yen from 60.83 yen.
Against the kiwi, the Aussie is at NZ$1.2899, having touched a three-month high of NZ$1.2931 on Tuesday.
No local data on either side of the Tasman.
The NZ government debt softer, with yields two ticks higher along the curve.
Australian debt futures flat, with the three-year contract at 96.170 and the 10-year at 95.505.
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