The New Zealand dollar drifted and the Australian currency softened from recent highs on Tuesday ahead of central bank meetings later in the week while the head of the European Central Bank was seen talking up the US dollar. The New Zealand dollar spent much of the session close to $0.8000, having ranged between $0.7977 and a high of $0.8003. It had peaked at $0.8037 in Monday's offshore session, a whisker below the three-year high struck on Thursday.
Short-term support for the kiwi from Thursday's low of $0.7956, with $0.8040 the key target for any move higher. The Australian dollar underperformed and retreated from a session high of $1.0729 to settle around $1.0680, in thin markets with Australia closed for a holiday. A fall in commodity prices, with silver prices tumbling around 4 percent at one stage weighing on gold and other metals, also knocked the Aussie, while it was sold by Asian investors, falling around 0.5 percent against the yen to 87.27. Support for the Aussie is seen at last Thursday's intra-day low of $1.0677, with resistance starting at the high of $1.0775, ahead of $1.0800.
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