The monetary units of Australia and New Zealand were pushing toward accomplishing five consecutive weeks of advances against the world's reserve currency on Friday, Bloomberg reports.
Uplifting news about efforts to rein in the sovereign debt crisis and the damaging tendencies it is having on the euro zone was driving up the value of the South Pacific dollars, the news source states. Spain and France conducted debt auctions that saw the sale of equal to $18.9 billion in bonds. But one analyst said the two moneypieces might be slated to lose value.
"The Aussie and kiwi may drift lower on profit-taking after extraordinarily strong rallies this year," institutional foreign-exchange sales head Tim Kelleher with ASB Institutional in Auckland told Bloomberg. "The bias is to sell on rallies."
Progress with discussions about how to restructure Greek debt also has proved to be beneficial to the Australian dollar, Dow Jones Newswires reports.
Weekly advances of the Aussie are projected to be 0.8 percent, according to Bloomberg. The week's gains for the Kiwi are forecast to notch 0.9 percent.
Both monetary units also drew upward momentum from a U.S. report that will indicate December sales of existing homes climbed to the highest level since the middle of 2010.
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