SYDNEY/WELLINGTON: The Australian and New Zealand dollars were little changed on Monday ahead of a central bank meeting as cautious currency traders watched on while a wave of runaway retail investors unsettled equity markets.
The Aussie was slightly higher versus the US dollar at $0.7650 on Monday afternoon, recovering from a low of $0.7606 earlier in the session. The New Zealand dollar was trading 0.2% higher at $0.7196, recovering from an intraday low of $0.7151 earlier in the day.
Yields on Australian 10-year bonds were at 1.11%, the highest since Jan. 11, having risen steadily from a low of 0.73% last October. New Zealand government bonds were lower, sending yields about 5 basis points higher at the long-end of the curve.
Traders expression caution amid disruption on Wall Street involving hedge funds and retail equity investors, with Australia’s central bank due to hold a policy meeting on Tuesday and a landmark speech outlining its policy settings for the year coming on Wednesday.
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