AIRLINK 74.00 Decreased By ▼ -0.25 (-0.34%)
BOP 5.14 Increased By ▲ 0.09 (1.78%)
CNERGY 4.55 Increased By ▲ 0.13 (2.94%)
DFML 37.15 Increased By ▲ 1.31 (3.66%)
DGKC 89.90 Increased By ▲ 1.90 (2.16%)
FCCL 22.40 Increased By ▲ 0.20 (0.9%)
FFBL 33.03 Increased By ▲ 0.31 (0.95%)
FFL 9.75 Decreased By ▼ -0.04 (-0.41%)
GGL 10.75 Decreased By ▼ -0.05 (-0.46%)
HBL 115.50 Decreased By ▼ -0.40 (-0.35%)
HUBC 137.10 Increased By ▲ 1.26 (0.93%)
HUMNL 9.95 Increased By ▲ 0.11 (1.12%)
KEL 4.60 Decreased By ▼ -0.01 (-0.22%)
KOSM 4.83 Increased By ▲ 0.17 (3.65%)
MLCF 39.75 Decreased By ▼ -0.13 (-0.33%)
OGDC 138.20 Increased By ▲ 0.30 (0.22%)
PAEL 27.00 Increased By ▲ 0.57 (2.16%)
PIAA 24.24 Decreased By ▼ -2.04 (-7.76%)
PIBTL 6.74 Decreased By ▼ -0.02 (-0.3%)
PPL 123.62 Increased By ▲ 0.72 (0.59%)
PRL 27.40 Increased By ▲ 0.71 (2.66%)
PTC 13.90 Decreased By ▼ -0.10 (-0.71%)
SEARL 61.75 Increased By ▲ 3.05 (5.2%)
SNGP 70.15 Decreased By ▼ -0.25 (-0.36%)
SSGC 10.52 Increased By ▲ 0.16 (1.54%)
TELE 8.57 Increased By ▲ 0.01 (0.12%)
TPLP 11.10 Decreased By ▼ -0.28 (-2.46%)
TRG 64.02 Decreased By ▼ -0.21 (-0.33%)
UNITY 26.76 Increased By ▲ 0.71 (2.73%)
WTL 1.38 No Change ▼ 0.00 (0%)
BR100 7,874 Increased By 36.2 (0.46%)
BR30 25,596 Increased By 136 (0.53%)
KSE100 75,342 Increased By 411.7 (0.55%)
KSE30 24,214 Increased By 68.6 (0.28%)

SYDNEY: The Australian dollar was aiming for a third straight week of gains on Friday as it benefits from carry demand against the yen, while the New Zealand dollar weathered a dire report on retail sales that raised the risk of recession.

The Aussie was up 0.4% for the week so far at $0.6562 , having topped out at $0.6595 overnight. That put it comfortably above a recent three-month trough of $0.6443, with the next target being major resistance around $0.6625.

The kiwi dollar held at $0.6198, having risen for seven straight sessions to as high as $0.6218. It was up 1.1% for the week, with the next chart barrier around $0.6242.

Both were buoyed by carry trades as investors borrowed yen at zero rates to buy higher yielding currencies. The Aussie hit a nine-year peak of 99.02 yen, having climbed for three weeks in a row to breach resistance at 98.60.

The kiwi had climbed 1.3% on the week to another nine-year top of 93.36 yen and was fast approaching a 2015 peak of 94.05 yen.

The kiwi has got an extra lift from speculation the Reserve Bank of New Zealand (RBNZ) might hike its 5.5% cash rate at a policy meeting next week.

Markets are pricing in a one-in-three chance of a rise on Feb. 28, and a 60% chance of a move in May. Analysts polled by Reuters showed the vast majority expected no more hikes, with a first easing possible in August.

Comments

Comments are closed.