| From Bloomberg.com: The Australian dollar rose from near the lowest in more than six months as prices of commodities increased, bolstering the outlook for the nation's export earnings. The New Zealand dollar strengthened. Australia's currency climbed on speculation its 10.1 percent drop over the past month was too rapid after the Reuters/Jeffries CRB Index of 19 raw materials rebounded. The New Zealand dollar advanced on prospects a slowing U.S. economy will deter the Federal Reserve from raising interest rates, keeping the allure of the nation's higher-yielding assets.
"The Australian dollar sell-off appears to be stalling, if only because it is so over-extended,'' Tony Morriss, a currency strategist at Australia & New Zealand Banking Group Ltd. in Sydney, wrote in a research note. Commodity prices will "hold well above previous long-term averages. This argues for the Australian dollar to find support above long-term averages.'' .... Full Article: Source \
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