AGL 5.78 Increased By ▲ 0.03 (0.52%)
ANL 8.88 Increased By ▲ 0.03 (0.34%)
AVN 78.93 Decreased By ▼ -0.57 (-0.72%)
BOP 5.29 Increased By ▲ 0.12 (2.32%)
CNERGY 4.70 Increased By ▲ 0.01 (0.21%)
EFERT 81.57 Increased By ▲ 0.47 (0.58%)
EPCL 50.96 Decreased By ▼ -0.03 (-0.06%)
FCCL 13.35 Decreased By ▼ -0.14 (-1.04%)
FFL 5.74 Decreased By ▼ -0.07 (-1.2%)
FLYNG 7.15 Decreased By ▼ -0.06 (-0.83%)
FNEL 4.82 Increased By ▲ 0.02 (0.42%)
GGGL 8.87 Increased By ▲ 0.17 (1.95%)
GGL 15.90 Increased By ▲ 0.15 (0.95%)
HUMNL 5.79 Decreased By ▼ -0.06 (-1.03%)
KEL 2.68 Increased By ▲ 0.10 (3.88%)
LOTCHEM 29.06 Decreased By ▼ -0.44 (-1.49%)
MLCF 24.99 Decreased By ▼ -0.31 (-1.23%)
OGDC 72.46 Increased By ▲ 0.01 (0.01%)
PAEL 15.35 Decreased By ▼ -0.05 (-0.32%)
PIBTL 5.06 Decreased By ▼ -0.09 (-1.75%)
PRL 16.31 Increased By ▲ 0.06 (0.37%)
SILK 1.08 Increased By ▲ 0.01 (0.93%)
TELE 9.39 Increased By ▲ 0.09 (0.97%)
TPL 7.34 Decreased By ▼ -0.01 (-0.14%)
TPLP 18.90 Decreased By ▼ -0.26 (-1.36%)
TREET 21.95 Increased By ▲ 0.10 (0.46%)
TRG 140.87 Decreased By ▼ -1.93 (-1.35%)
UNITY 17.01 Decreased By ▼ -0.19 (-1.1%)
WAVES 9.90 Decreased By ▼ -0.13 (-1.3%)
WTL 1.41 Increased By ▲ 0.03 (2.17%)
BR100 4,255 Increased By 7.1 (0.17%)
BR30 15,733 Decreased By -28.8 (-0.18%)
KSE100 42,394 Increased By 44.9 (0.11%)
KSE30 15,664 Increased By 31.9 (0.2%)
Markets

Australia, NZ dollars firm, keen to say bye bye to Brexit

  • The news took a toll on safe haven bonds with Australian 10-year futures falling 6 ticks to 98.9600, implying a yield of 1.04% and back toward a recent low at 98.9200.
Published December 24, 2020
Follow us

SYDNEY: The Australian and New Zealand dollars crept higher on Thursday amid optimism a Brexit deal might finally be near, and thus one less threat to risk sentiment, although trade was very thin with holidays looming.

The Aussie was a fraction firmer at $0.7579, still off its recent 2-1/2 year peak of $0.7639 but comfortably above chart support around $0.7510 and $0.7463.

The currency is up 3.1% for December so far, and no less than 36% from the trough hit during the market mayhem of mid-March.

The kiwi dollar was firm at $0.7097, having bounced from support at $0.7031 overnight. It is 1.1% higher for the month so far, and up 24% from the March low of $0.5703.

Sentiment was supported by reports Britain and the European Union were close to clinching a trade agreement, raising hopes the estranged allies would avoid a chaotic economic rupture on New Year's Day.

"This time it really does appear that a deal will be struck just in time for Christmas," said Westpac economist Tim Riddell.

Confirmation would be positive for risk assets, though he suspected investors would just be relieved it was over.

"The past month of 'will they, won't they' swings and almost constant shifting of supposed deadlines has both exasperated and exhausted market participants," he said.

The news took a toll on safe haven bonds with Australian 10-year futures falling 6 ticks to 98.9600, implying a yield of 1.04% and back toward a recent low at 98.9200.

Three-year yields remained pinned at 0.115% thanks to the Reserve Bank of Australia's (RBA) continued bond buying program, so steepening the yield curve.

There was no domestic economic data out on Thursday and none scheduled until the first week of January.

Comments

Comments are closed.

Australia, NZ dollars firm, keen to say bye bye to Brexit

Pakistan's CPI-based inflation in November clocks in at 23.8%

Rupee registers gains, settles at 223.69 against US dollar

Rise in TTP attacks in Pakistan should be concern for Afghan Taliban as well: Rana Sanaullah

SBP-held foreign exchange reserves fall $327mn, stand at $7.5bn

Fawad says PTI to dissolve Punjab, KP assemblies next week

PM Shehbaz calls for ‘practical implementation’ of loss & damage fund to cope with climate challenge

EU tentatively agrees $60 a barrel price cap on Russian seaborne oil

No restrictions placed on LCs for import of oil, other petroleum products: SBP

Record-breaking England put Pakistan to the sword in first Test

Google app payments: IT ministry says issue resolved