Australian and New Zealand dollars up

The Australian and New Zealand dollars were dragged broadly higher on Monday after the Group of 20 countries stopped short of criticising Japan's reflationary policies, putting the yen on the backfoot. The Aussie edged up to 102.79 yen, from a low of 100.84 on Friday, inching closer to five-year peaks set earlier this month. A break of 103 yen, the 61.8 percent retracement of the April fall, would target 105.43.
The kiwi nudged higher to 84.26 yen, after it tripped stops at 84.20. Next resistance is seen around 84.60 before testing 86.43, its highest since 2008. The Aussie edged up to $1.0305, having recovered from a dip to $1.0266 in early trade, its weakest since March 11. The New Zealand dollar was firm at $0.8458, from $1.8395, having recovered from a dip of $0.8383 in early local trade. Concerns that global economic growth is stalling had knocked the kiwi from a 20-month high of $0.8676 hit just over a week ago.