he Australian and New Zealand dollars pushed closer to four-year peaks versus the yen on Tuesday as some calm returned even as markets remained wary about developments in Cyprus that had renewed worries about the euro zone debt problems. The Aussie dollar edged up to 99.26 yen, having bounced back from Monday's low of 97.69. It remained within striking distance of 99.99 hit last week and a break there would open up the way to the 2008 high above 104.
Against the greenback, the Aussie fetched $1.0387, off Monday's trough of $1.0332. It traded in a slim range roughly between $1.0380 and $1.0406 during the course of the day. The New Zealand dollar also recovered to 78.86 yen from a low of 77.71. It hit 79.88 last week, its highest since July 2008. Versus the US dollar, the kiwi was around $0.8254, having hovered between $0.8243 and $0.8269 through the session. It has recovered from a dip to $0.8217 on Monday on worries about the Cyprus crisis. Investors were also soothed by cautiously upbeat comments from the Reserve Bank of Australia Deputy Governor, Philip Lowe, who said there are promising signs the Australian economy is responding to past cuts in interest rates.