AGL 37.93 Decreased By ▼ -0.09 (-0.24%)
AIRLINK 210.51 Increased By ▲ 13.15 (6.66%)
BOP 9.72 Increased By ▲ 0.18 (1.89%)
CNERGY 6.40 Increased By ▲ 0.49 (8.29%)
DCL 9.15 Increased By ▲ 0.33 (3.74%)
DFML 37.38 Increased By ▲ 1.64 (4.59%)
DGKC 98.90 Increased By ▲ 2.04 (2.11%)
FCCL 35.50 Increased By ▲ 0.25 (0.71%)
FFBL 88.94 Increased By ▲ 6.64 (8.07%)
FFL 14.38 Increased By ▲ 1.21 (9.19%)
HUBC 131.30 Increased By ▲ 3.75 (2.94%)
HUMNL 13.77 Increased By ▲ 0.27 (2%)
KEL 5.50 Increased By ▲ 0.18 (3.38%)
KOSM 7.29 Increased By ▲ 0.29 (4.14%)
MLCF 45.15 Increased By ▲ 0.45 (1.01%)
NBP 61.74 Increased By ▲ 0.32 (0.52%)
OGDC 221.50 Increased By ▲ 6.83 (3.18%)
PAEL 40.90 Increased By ▲ 2.11 (5.44%)
PIBTL 8.49 Increased By ▲ 0.24 (2.91%)
PPL 200.80 Increased By ▲ 7.72 (4%)
PRL 39.70 Increased By ▲ 1.04 (2.69%)
PTC 27.65 Increased By ▲ 1.85 (7.17%)
SEARL 108.50 Increased By ▲ 4.90 (4.73%)
TELE 8.57 Increased By ▲ 0.27 (3.25%)
TOMCL 36.29 Increased By ▲ 1.29 (3.69%)
TPLP 13.70 Increased By ▲ 0.40 (3.01%)
TREET 24.38 Increased By ▲ 2.22 (10.02%)
TRG 61.15 Increased By ▲ 5.56 (10%)
UNITY 34.44 Increased By ▲ 1.47 (4.46%)
WTL 1.69 Increased By ▲ 0.09 (5.63%)
BR100 12,138 Increased By 411.7 (3.51%)
BR30 37,738 Increased By 1361.2 (3.74%)
KSE100 113,215 Increased By 3702.3 (3.38%)
KSE30 35,753 Increased By 1239.9 (3.59%)

SINGAPORE: The Australian and New Zealand dollars paused a sparkling rally on Friday as commodity prices cooled and as a sharp selloff in Antipodean bond markets eased with the Reserve Bank of Australia stepping in to defend its yield target. The Aussie was last 0.1% higher at $0.7472, supported by news that embattled developer China Evergrande would avoid default by finding funds for an overdue payment and by the end of a long COVID-19 lockdown in Melbourne.

The kiwi ticked up 0.1% to $0.7166, though it was smarting after suffering its sharpest drop in a fortnight on Thursday.

Both currencies had withdrawn sharply overnight from multi-year peaks made against the yen. The pullbacks halted a weeks long rally that has squeezed out short sellers and carried the Antipodeans more than 3% higher on the greenback.

"At this stage it looks more like a rebalancing rather than the start of a fresh downtrend," said analysts at ANZ Bank in a note, adding that the kiwi could remain supported. However, in Australia the RBA fired a warning shot to markets that had begun to challenge the bank's insistence it would keep rates steady until 2024.

Comments

Comments are closed.