Australia, NZ dollars climb as risk rallies, resistance heavy
SYDNEY, Sept 26 (Reuters) -The Australian and New Zealand dollars climbed again on Thursday as risk assets rallied thanks to a rebound in tech shares and more news of China stimulus, although technical resistance remained heavy in the near term.
The Aussie AUD=D3 rose 0.4% to $0.6847, having dropped 1% overnight to come off its 19-month high of $0.6908. The level of 69 cents remained a formidable resistance and a sustained break there would open the way to $0.7030 and $0.7088.
It also rose 0.3% on the yen to 99.11 AUDJPY=R, up for a ninth straight session.
The kiwi dollar was 0.1% higher at $0.6265 NZD=D3, after tumbling 1.3% overnight to move away from a nine-month peak of $0.6355. Resistance is heavy at its December top of $0.6370.
The two retreated from their highs overnight as the beaten-up dollar got a reprieve from selling pressures, with Treasury yields ticking higher.Come Thursday, however, stocks in Asia rallied, helped by an earnings beat by chipmaker Micron Technology MU.O, which sent Nasdaq futures 0.8% higher.
China also announced it would give one-off handouts to those in need as Beijing readies a package of stimulus designed to revive domestic demand, giving prices for Antipodean commodity exports a boost.
Still, much hinges on whether China will roll out further fiscal support.
"The risk remains China's economic growth will undershoot our forecast of 4.9% this year if our expected fiscal stimulus fails to materialise," said Carol Kong, a strategist at the Commonwealth Bank of Australia, adding the measures so far would only support growth at the margin.
In Australia, the inflation slowdown in August is keeping the prospects of a rate cut by year-end alive. Swaps imply a 20% chance of a quarter-point cut in the 4.35% cash rate in November, rising to 75% for a December move.
Data on Thursday showed job vacancies fell by 5.2% in the three months to August, down for the ninth straight quarter, as demand in the labour market continued to ease.
The Reserve Bank of Australia, which has ruled out a rate cut this year, on Thursday warned households against taking on excessive debt when interest rates start to fall.
Reporting by Stella Qiu; Editing by Jamie Freed
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