Australia, NZ dollars buoyed by yield advantage, rise against yen

Australian and New Zealand Dollars Hold Firm Amid Yield Advantage

On Thursday, both the Australian and New Zealand dollars maintained their positions against the US dollar, buoyed by favorable yield spreads. The Australian dollar remained steady at $0.7000 after a slight 0.3% decline overnight, retreating from its recent three-year high of $0.7094. Key support levels are noted at $0.6908 and $0.6835.

Meanwhile, the Australian dollar continued its ascent against the Japanese yen, reaching 110.15—its highest point since 1990—as anticipation builds ahead of Japan’s upcoming election on Sunday.

The New Zealand dollar was also stable at $0.6005, following a 0.7% drop in the previous session due to mixed employment figures. Resistance for the kiwi remains near its recent highs.