SYDNEY: The Australian and New Zealand dollars rose on Wednesday as their US counterpart remained locked in a downtrend, while investors wagered the widening rollout of vaccines would bolster global growth and commodities next year.
The kiwi dollar climbed to $0.7176, reaching its highest point since April 2018. That was up from a $0.7085 low early in the week and another step toward a major chart target at $0.7395.
The Aussie firmed to $0.7631, again up from a $0.7559 low touched at the start of the week. The next big barriers were the recent 2-1/2 year top of $0.7639 and then $0.7677.
It was also faring well against the Japanese yen, having reached its highest since April 2019 at 78.94 yen.
Part of the gains were due to broad-based weakness in the safe-haven US dollar as the market bets on better times in ahead and more debt-funded US stimulus.—Reuters