SYDNEY: The Australian and New Zealand dollars crept higher on Thursday as a key commodity index jumped to four-month peaks and provided support amid a dearth of major domestic economic data.
The Aussie inched to up $0.6626 and away from the week’s trough of $0.6583. Resistance comes in at $0.6638 and last week’s top of $0.6667.
The kiwi dollar added 0.1% to $0.6164, after finding support at $0.6136 early in the week. Major resistance lies at $0.6217.
Sentiment benefited from gains in some commodity prices, as concerns about supply lifted oil and copper. Both Australia and New Zealand are major resource exporters.
The S&P GSCI commodity index, for instance, boasted it biggest daily gain since late January to break stiff chart resistance and hit levels last seen in mid-November.
That was timely for Australia as its biggest export earner, iron ore, has been on the slide in recent weeks due to signs of soft demand from China.
Comments
Comments are closed for this article.