Australia, NZ dollars gain

SYDNEY: The Australian and New Zealand dollars were clutching on to gains on Wednesday amid a sudden brightening in global risk sentiment and an acknowledgement by Australia’s central bank that interest rates could rise this year.

A bounce in equity markets helped the Aussie up to $0.7130 and away from a recent 18-month trough of $0.6967. The break of $0.7080 resistance improved the technical background, with the next target around $0.7180.

The kiwi dollar stood at $0.6630, having rallied 1% overnight and away from its recent 16-month low of $0.6531.