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Australia, NZ dollars stage comeback on US$, still lose to yen


Friday, 4 January 2019 10:29 WIB

YenAUD/USD,AussieDolar


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The Australian and New Zealand dollars celebrated a remarkable comeback on their U.S. counterpart on Friday, as dismal economic data stoked speculation of a U-turn on U.S. interest rates.

The Aussie was back at $0.7016, after a wild 24 hours saw it collapse almost three full cents to $0.6715 only to fetch up higher than when it started.

The kiwi dollar had returned to $0.6694, having been as low as $0.6591 at one stage on Thursday when a "flash crash" had sent it and the Aussie careening lower.

Both still nursed losses on the yen which had surged on Thursday when a host of long-held short positions were squeezed out amid a mad dash to safe havens.

The Aussie was last at 75.37 yen, up from a deep trough around 72.26 but still down 3 percent for the week.

The rebound on the U.S. dollar came as data there showed a shock slowdown in manufacturing activity amid a pullback in new orders and concerns about tariffs.

Investors reacted by pricing in a real possibility the Federal Reserve might have to reverse course and cut rates, even though it was still projecting two more hikes this year.

Reuters


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