Australia, NZ currencies recover slightly following Middle East turmoil
Australian and New Zealand Dollars Attempt Recovery Amid Global Uncertainty
On Thursday, both the Australian and New Zealand currencies made efforts to bounce back as escalating tensions in the Middle East pushed oil prices higher and unsettled financial markets. This turbulence overshadowed mixed economic reports from within the region.
The Australian dollar rose by 0.4% to $0.7054, following a sharp 1.1% decline overnight from a peak of $0.7173, reflecting a downturn in global risk appetite. Key support levels for the Aussie are identified at $0.6980 and $0.6945.
Similarly, the New Zealand dollar climbed 0.4% to $0.5823 after dropping 1.0% overnight from a high of $0.5872. The currency’s primary support stands at $0.5775.
Bond markets experienced significant losses as surging oil prices raised concerns about rising inflation.
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