The New Zealand dollar struggled on Monday as weak retail sales pointed to interest rates being on hold for many months to come, while the Aussie gained on upbeat economic news from key export market China. All of which helped the Australian dollar up to $1.0053, from $1.0025 late in New York Friday and an early low of $0.9981.
The New Zealand dollar was not so lucky initially dropping half a cent to a three-week low of $0.7544 on the latest in a string of dismal data, before steadying at $0.7574. The Aussie fared well against the yen and the euro . It last traded at 83.54 yen, nearing a nine-month peak as Japanese investors see an increasing appeal in the high yielding currency. The euro eased against the Australian dollar to A$1.3456 ahead of a massive 17-21 billion euro in fund raising from Italy, Germany, Spain, and France. Australian bond futures eased 0.02 points with the three-year contract at 94.720 and the 10-year contract at 94.275.
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