Money Australia, New Zealand dollars supported by global commodity demand

08:02  04 january  2018
08:02  04 january  2018 Source:   Reuters

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Australia is the world's leading exporter of iron ore, and a major exporter of coal, gold, copper and liquefied natural gas. New Zealand 's export mix is dominated by soft commodities , including dairy and timber, and has also been doing well from increased demand out of Asia. A global auction of dairy

The New Zealand dollar faded a touch to US

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New Zealand . Food & Agribusiness Research and Advisory July 2016. Commodity Outlook. Average export prices have edged up to their highest level in six years, supported by lower supply and strong global demand . Production is falling in Australia , New Zealand , Argentina and Brazil.

Figure 2: World commodity prices and world prices for New Zealand ’s commodity exports. BIS Review 63/2007. 3. Global demand for protein has been on a structural uptrend for some time. The high New Zealand dollar will dampen medium-term inflation pressures by suppressing activity in

.7090, after topping out at US

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.7130 overnight. JPMorgan's measure of global manufacturing gained another 0.6 point in December to reach 55.6, the strongest reading since February That in turn should be positive for commodity demand , and prices.

a close up of a sign: Illustration photo of a New Zealand Dollar note© REUTERS/Thomas White/Illustration Illustration photo of a New Zealand Dollar note The Australian and New Zealand dollars consolidated near multi-week highs on Wednesday as a spate of rousing factory surveys from around the globe seemed to bode well for the two countries' commodity exports.

The Aussie dollar (AUD=D4) was steady at $0.7826, having made a fresh three-month top at $0.7845 overnight. It faces stiff chart resistance at $0.7884 and $0.7898, twin peaks from October.

The New Zealand dollar faded a touch to $0.7090 (NZD=D4), after topping out at $0.7130 overnight.

JPMorgan's measure of global manufacturing gained another 0.6 points in December to reach 55.6, the strongest reading since February 2011.

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Reflecting this, we assume that global commodity prices recover slowly, net immigration declines, and the New Zealand dollar This has improved risk appetite in financial markets and increased demand for higher-yielding sovereign bonds, including yields offered in Australia and New Zealand .

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"With the forward-looking new orders increasing in similar fashion, the December survey paints a very upbeat picture for global manufacturing heading into the New Year," said JPMorgan economist David Hensley in a note.

That in turn should be positive for commodity demand, and prices. Iron ore futures, for instance, hit their highest since mid-September this week at $73.90 (TIOc1), having rebounded from a low near $58 in just a couple of months.

The Australian dollar© AAP Image/Joel Carrett The Australian dollar

Australia is the world's leading exporter of iron ore, and a major exporter of coal, gold, copper and liquefied natural gas.

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In the case of Australia and New Zealand , relative interest rates are also important because they are popular destinations for the carry trade. Weaker Chinese demand is helping to drive down commodity prices, which has significant effects on the global economy.

New Zealand's export mix is dominated by soft commodities, including dairy and timber, and has also been doing well from increased demand out of Asia.

A global auction of dairy overnight showed the sharpest rise in prices since May, though that was mainly due to tightened supplies from New Zealand itself, and had a limited impact on the kiwi.

The Global Dairy Trade Price Index (GDT) gained 2.2 percent at the first auction of the year, after the world's biggest dairy processor, Fonterra, dropped its forecast for New Zealand milk collection for the second time in as many months.

New Zealand government bonds (0#NZTSY=) slipped in line with global debt markets, pushing yields up around 4 basis points.

Australian government bond futures were likewise lower, with the three-year bond contract (YTTc1) off 2.5 ticks at 97.800. The 10-year contract (YTCc1) eased 5 ticks to 97.2650.

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