The New Zealand dollar hit a one-month peak on Tuesday, as it led a pack of commodity currencies higher amid improved risk appetite. The Australia dollar held onto hefty gains. The kiwi surprised with the strength of its gains as Asia-Pacific markets followed the lead of regional stocks.
The New Zealand dollar was up at $0.8510, from $0.8460 in New York, having touched a session high of $0.8529. Traders said it is heading to test the 30-year high of $0.8842 struck on August 1. The currency has gained more than 6 percent in just 3 weeks. The first of line of resistance is now at $0.8542 with support at $0.8365.
The New Zealand dollar also advanced to multi-week highs on most currencies, clocking nearly a one percent rise on the Swissy to $0.6959. The kiwi was also 0.6 percent higher against the euro at NZ$1.7048 and peaked to a four-week summit on the yen. The kiwi strength was demonstrated by a 0.8 percent rise against a trade weighted basket of major currencies. The Australian dollar was up at $1.0673, having touched a four-week high at $0.0686, having broken key resistance around $1.0600 offshore. Rounds of Aussie/kiwi selling capped the Australian dollar against the greenback.
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