The Australian and the New Zealand dollars pared their recent gains against most major currencies on Thursday morning in Asia amid concerns that the Ireland debt woes may spread to other vulnerable eurozone nations.
However, Asian shares are trading marginally higher today following Wall Street’s rally overnight. Australia’s All ordinaries index rose 0.20%, New Zealand’s NZX-50 was up 0.03%, Japan’s Nikkei Stock Average was up 0.4% and China’s Shanghai composite advanced 0.28%.
In economic news, Australia’s capital spending gained 6.2 percent last quarter after dropping 3.2 percent in the second quarter, the official data showed today. Analysts had expected a 3.1 percent growth in spending.
The Australian dollar that advanced to a 2-day high of 82.32 against the Japanese yen around 7:00 pm ET started reversing direction shortly and reached as low as 81.54 before holding steady after two hours. The aussie-yen pair that settled Wednesday’s North American trading at 82.04 is presently quoted at 81.73.
Japanese exports slowed for the eighth straight month in October as the strong yen continued to hit exporters, official data showed today. Exports increased 7.8% year-on-year last month, nearly halving from the 14.3% rise in September, the Customs Office said.
Imports, on the other hand, rose 8.7% in October, slowing from the 10% increase in the previous month.
The trade balance saw a surplus of 821.9 billion yen, smaller than the expected surplus of 871.1 billion yen.
The aussie that tested yesterday’s highs of 0.9854 against the US dollar earlier in the session pulled back to as low as 0.9772 before leveling off around 9:00 pm ET. The aussie-greenback pair that finished Wednesday’s North American deals at 0.9820 is presently quoted at 0.9784.
The Australian dollar that climbed to a fresh multi-year high of 1.3564 against the euro at the beginning of Thursday’s Asian session pulled back later to reach as low as 1.3639 before holding steady around 9:00 pm ET. At present, the euro-aussie pair is trading at 1.3625.
The aussie that touched a 15-day high of 1.2959 against the New Zealand dollar around 8:25 pm ET reversed its course shortly. The Australian currency is presently trading lower at 1.29, compared to 1.2917 hit late New York Wednesday.
The New Zealand dollar that slumped to a new multi-week low of 0.7562 against the US dollar by 8:30 pm ET moved slightly off shortly. The kiwi-greenback pair, which finished Thursday’s North American trading at 0.76, is presently quoted at 0.7592.
The NZ dollar also reached as low as 63.10 against the yen and 1.7614 against the euro before moving slightly off around 9:00 pm ET. The kiwi that closed yesterday’s deals at 63.50 against the yen and 1.7558 versus the euro is presently quoted at 63.37 and 1.7570, respectively.
Looking ahead, French consumer confidence and Italian business confidence-both for November are expected in the upcoming European session.
The US markets are closed for Thanksgiving Day holiday.
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