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Money Australia, New Zealand dollars underpinned by upbeat China manufacturing activity

05:26  03 january  2018
05:26  03 january  2018 Source:   reuters.com

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SYDNEY, Jan 2 (Reuters) - The Australian and New Zealand dollars held firm on Tuesday as an unexpectedly upbeat survey of Chinese manufacturing activity and broad softness in their U.S. counterpart augured well for Antipodean commodity exports. The Aussie dollar made a two-month

The Australian and New Zealand dollars held firm on Tuesday as an unexpectedly upbeat survey of Chinese manufacturing activity and broad softness in their U.S. counterpart augured well for Antipodean commodity exports.

The Aussie dollar (AUD=D4) made a two-month top of

Australia, New Zealand dollars near multi-week peak on metals, carry trades

  Australia, New Zealand dollars near multi-week peak on metals, carry trades By Swati Pandey

Aussie, NZ Dollars Rise as Chinese Manufacturing PMI Data Tops Forecasts. The Australian and New Zealand Dollars outperformed in overnight trade after data showed Chinese factory-sector China is Australia and New Zealand ’s largest trading partner and a growth pickup there bodes well

[+] New Zealand Manufacturing PMI. The Business NZ Performance of Services Index (PSI) is a composite index based on the diffusion indexes for sales, new orders, delivered, inventories and employment. A reading above 50 indicates an expansion of the Services sector compared to the

.7827

FILE PHOTO: Illustration photo of an Australia Dollar note© REUTERS/Thomas White/Illustration/File Photo FILE PHOTO: Illustration photo of an Australia Dollar note The Australian and New Zealand dollars held firm on Tuesday as an unexpectedly upbeat survey of Chinese manufacturing activity and broad softness in their U.S. counterpart augured well for Antipodean commodity exports.

The Aussie dollar (AUD=D4) made a two-month top of $0.7827 before running into resistance. The next chart targets are $0.7884 and $0.7898, both peaks from October. The kiwi held at $0.7102 (NZD=D4), just off last week's high at $0.7124.

Helping sentiment was a Caixin survey of Chinese manufacturing which showed a surprise pick-up in activity in December even as Beijing pursued a crackdown on industrial pollution.

The Australian dollar continues to rally

  The Australian dollar continues to rally The Australian dollar continued to rally on Tuesday, hitting yet another multi-month high against the greenback. Here's the scoreboard as at 8.10am AEDT. AUD/USD0.7832,0.0029,0.37%AUD/JPY87.91,0.02,0.02%AUD/CNH5.0908,0.0091,0.18%AUD/EUR0.6491,-0.0005,-0.08%AUD/GBP0.5759,-0.0018,-0.31%AUD/NZD1.1015,0.0036,0.33%AUD/CAD0.9791,-0.001,-0.10%After starting the session buying .7803, the AUD/USD rallied on the back of stronger-than-expected Chinese economic data, strength in Chinese stocks and broad-based US dollar weakness, eventually hitting a high of .7844 before easing lower in the second half of the session.

The New Zealand dollar (sign: $; code: NZD , also abbreviated NZ $) (Māori: Tāra o Aotearoa) is the official currency and legal tender of New Zealand , the Cook Islands, Niue, the Ross Dependency

Aussie, NZ Dollars Rise as Chinese Manufacturing PMI Data Tops Forecasts. The Australian and New Zealand Dollars outperformed in overnight trade after data showed Chinese factory-sector China is Australia and New Zealand ’s largest trading partner and a growth pickup there bodes well

The news was taken as positive for continued Chinese demand for commodities, which has supported prices in recent months. Prices for iron ore, Australia's single biggest export earner, were holding above $70 a tonne having been down around $50 in mid-2017.

Likewise, copper (CMCU3) climbed 31 percent in 2017 to a four-year top, while aluminium (CMAL3) amassed gains of 34 percent. China is the world's largest consumer of industrial metals and accounts for nearly half of global copper demand.

Prices for coal and liquefied natural gas, two more major Australian exports, were also buoyed by Asian demand.

"In a year of continued, perhaps improving, synchronised global growth the Aussie should benefit," said Greg McKenna, chief market strategist at CFD and FX provider AxiTrader.

"A weaker, or stronger, U.S. dollar also feeds into commodity prices which in turn feed into the Aussie."

Australian government bond futures eased a touch in the wake of the China news, with the three-year bond contract (YTTc1) off 2.5 ticks at 97.815. The 10-year contract (YTCc1) lost 2 ticks to 97.3200.

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