The New Zealand dollar fell as much as one cent on Monday after a 5.5 magnitude earthquake rattled Christchurch, the site of a deadly quake in February, while the Australian dollar was softer amid worries about Europe's debt woes. The kiwi dollar skidded to a low of $0.8117 from around $0.8215, as the country's second-biggest city was shaken by more shocks. It was last around $0.8122 late in the local session.
The kiwi dollar hit a 26-year high of $0.8301 last week but is now expected to struggle in the near term to climb back to that level. Its near term support was seen around $0.8070 with resistance at around $0.8245. In contrast, the Australian dollar was steady around $1.0543 within $1.0520 to $1.0562 range, with worries about Europe's debt woes keeping investors wary of high yielders. It fell nearly 1 percent on Friday.
Trading in Aussie was thinned by a public holiday but initial support was seen at $1.0510 with resistance at $1.0600. The Aussie was also supported by the latest quake in New Zealand, which put the kiwi under pressure, with the pair rising to NZ$1.2951 from around NZ$1.2840. The pair hit a four-month low of NZ$1.2791 last week.
Comments
Comments are closed for this article.