AUD, NZD Strongest Since 2018 on Higher Commodity Prices


SYDNEY, Dec 11 Reuters The Australian dollar surged to a 212 year peak led by soaring prices for iron ore the countrys top export while the New Zealand dollar also maintained its climb through levels unseen since 2018 thanks to strong commodity prices.

On track for its sixth straight weekly rise, having jumped 7.8 so far this year, the Australian dollar broke key technical chart resistance of 75 U.S. cents overnight to be last at 0.7562, a level last visited in June 2018.

Big gains in commodity markets are driving the local currency higher, said Steven Dooley, currency strategist at Western Union Business Solutions.

Importantly, iron ore prices gained for the twelfth session in a row with Australias largest export product up 4.3 on Thursday as worries about a cyclone warning in Western Australia sparked supply fears.

The most traded iron ore contract on Chinas Dalian Commodity Exchange, for delivery in May 2021, hit a contract high of 988.50 yuan 151 a tonne on Thursday.

The Aussie was also buoyant against other major currencies.

It hit a oneandahalf year high on the yen and a sixmonth peak of A1.6083 per euro overnight. It also leapt against the yuan despite worsening trade tensions between China and Australia.

The New Zealand dollar surpassed crucial barrier of 71 U.S. cents overnight and was last at 0.7105.

It is up 0.9 so far this week, on track for its sixth consecutive weekly gain.

The kiwi has risen 5.6 so far this year led by New Zealands early…

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