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The Australian and New Zealand dollars consolidated overnight gains on Wednesday with investors retreating to the sidelines as the outcome of an anxiously-awaited Federal Reserve policy meeting loomed. The Aussie last stood at $1.0187, within easy reach of the overnight high of $1.0202. Traders said a break above $1.0220, where stops are seen, should open up the way to $1.0250, the 200-day MA.
It outperformed its New Zealand counterpart, rising 0.3 percent to NZ$1.2804. The kiwi was around a quarter of a US cent lower on the day at $0.7954, retreating from a six-week high of $0.7991 touched overnight. Near term support was seen at $0.7940 and below that around $0.7910, with $0.7990 the first hurdle higher, ahead of a push higher to $0.8020.
The Anti-podean currencies eased on the yen, but were mixed versus the euro, which gained 0.3 percent to NZ$1.5935, but was flat at A$1.2443. "If the Fed comes to the party and gives us QE3, then that will knock the greenback and bolster the kiwi along with other risk assets," said a trader at a local investment bank. The kiwi, which has risen more than 2.5 percent over the past week, remains on an upward trajectory. Still, it felt the headwinds of a flat dairy auction, and a slightly worse-than-expected current account deficit that widened to 4.8 percent of GDP from 4.2 percent.

Copyright Reuters, 2012

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