The Australian and New Zealand dollars held on to their spectacular overnight gains on Wednesday, underpinned a pledge by US policy makers to keep rates low out to mid-2013 and surprisingly buoyant trade data from China. The Aussie consolidated at $1.0354, from $1.0345 in New York, having surged 3.4 percent to as high as $1.0418 overnight after the Federal Reserve said it expected to keep rates low for at least two years.
In a positive and surprising sign, China reported buoyant exports and imports in June, easing concerns that sluggish demand from the debt-burdened United States and Europe would hold back the world's second-biggest economy. The Aussie held on to huge overnight moves on the crosses, trading at 0.7483 Swiss francs from 0.7150 and A$1.5751 per pound, from A$1.6386.
Against its neighbour, the Aussie pared some of its losses and was last at NZ$1.2395, off one-year lows of NZ$1.2315 struck on Tuesday. Across the Tasman sea, the NZ dollar consolidated firm to $0.8343, from $0.8366 in New York, after a 3-cent rally made offshore.
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