Kina static against US$

Business, Main Stories

The National

THE kina remained static against the US dollar as of last Friday although the central bank supported it occasionally to promote the currency’s stability.
And there was enough liquidity in the market to sustain demands.
But further risk on the downside in the short-to-medium-term remained on the cards with the kina seen to stay flat against US$ this week.
The Australian dollar and other major trading currencies had fluctuated at reasonable levels.
With the Aussie dollar-US dollar was underpinned by weaker greenback sentiment, firmer commodity prices and increased risk appetite, an upward momentum became exhausted.
The ANZ Weekly Report said that an upside surprises on this week’s second quarter gross domestic product (GDP) result was unlikely to cause a break out of recent ranges, but could still see Aussie dollar-US dollar spike as high as US$0.8430.
Aussie dollar buyers should take advantages of moves towards US$0.8180 (with dips to US$0.8120 possible) if US equities remained muted.
The Aussie was expected to relatively strong against the kina as long as the US unit maintained its current ground against Aussie dollar.