By Ashley Smith – The Australian and New Zealand Dollars rebounded yesterday following their sharp sell off this past week which impelled investors to buy the two currencies as their perceived their low level are overdone. The currencies also received a boost after the release of worse then expected U.S New Home Sales report which dampened demand for the Dollar on concerns the U.S economic recovery may still be shaky. The AUD also gained as commodities’ prices recovered slightly
The AUD rose 0.3% to 88.40 U.S. cents from 87.99 cents in New York yesterday, when it touched 87.35 cents. The AUD also gained against the Yen, to 80.70. New Zealand’s Dollar gained 0.3% to 70.70 cents from 70.46 cents yesterday when it reached a three-month low of 69.75. It is likely that we’ll see more gains for these currencies towards the end of the year as the rally in the USD seems to be loosing some steam.
Forex Market Analysis provided by Forex Yard.
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