The Australian dollar hit a fresh record high against the struggling euro on Friday as markets bet Europe's debt woes would last for a long time yet. The New Zealand dollar dipped briefly on news of another earthquake near Christchurch but soon steadied at $0.7743, up from $0.7724 late in New York on Thursday.
Trade was very thin with Tokyo on holiday and dealing rooms winding down early for Christmas, though traders reported some last minute exporter bids for the Aussie. That helped nudge the Australian currency up to $1.0167, from $1.0137 in New York. The Aussie now has support at $1.0051 with resistance at the 100-day moving average of $1.0203.
The euro remained on the ropes at A$1.2838, the third straight session of all-time lows. The New Zealand dollar was firm at NZ$1.6860 per euro after touching a three-month peak of NZ$1.6810. The single currency has been in a long downtrend against the Aussie reflecting both the debt crisis in the EU and the relative outperformance of the Australian economy.
Comments
Comments are closed for this article.