The Australian and New Zealand dollars stood firm on Friday, with the Aussie heading for a weekly rise of 1.5 percent as strong commodity prices augured well for the domestic economy. The Australian dollar edged up to $1.0125, one of the top three performing currencies this week and not far from December's 28-year peak around $1.0257.
The result was all the more impressive as tumult in the Middle East sparked risked aversion, making the safe-heaven Swiss franc the clear winner of the week, with a 2 percent rise. The Aussie and Swiss francs typically move in opposite directions at times of crisis. Indeed, the Aussie stands at a 10-month high around 84.32 yen, after finally cracking up through 83.75, a key resistance level, opening the way for a run to 86.00. It gained nearly one percent this week.
The kiwi rose to a one-week high of 63.36 yen. The kiwi was also dragged higher by its Aussie cousin with resistance starting at $0.7600, then heavy barriers at about $0.7666, while support was at $0.7538. The kiwi is seen struggling to sustain any topside breaks as the bleak run of economic data has seen expectations for interest rate rises pushed into the second half of the year.
Comments
Comments are closed for this article.