The Australian and New Zealand dollars strengthened against their major counterparts in Asian trading on Monday amid hopes of a likely solution to the European debt crisis.
The Australian dollar that closed last week's trading at 0.9700 against the US dollar rose to a 6-day high of 0.9871 in today's Asian deals. The next upside target level for the aussie-greenback pair is seen at 0.990.
Against the euro, the Australian dollar climbed to a 10-day high of 1.3503, compared to Friday's close of 1.3653. On the upside, 1.345 is seen as the next target level for the Australian currency.
The Australian dollar strengthened to a 1-week high of 76.65 against the yen and a 6-day high of 1.0270 against the Canadian dollar. If the aussie advances further, it may likely target 77.5 against the yen and 1.030 against the loonie. The aussie-yen and the aussie-loonie pairs were worth 75.40 and 1.0176, respectively at Friday's close.
The New Zealand dollar jumped to a 1-week high of 0.7547 against the US dollar. The next upside target level for the kiwi-greenback pair is seen at 0.765. At Friday's close, the pair was quoted at 0.7393.
The kiwi rose after NZ Prime Minister John Key was re-elected with his party's biggest mandate in 60 years, strengthening his ability to balance the budget.
John Key's National Party won 48 percent of the vote on Nov. 26, up from 45 percent three years ago, allowing him to form the next government with support from political allies in parliament. His administration will focus on advancing the sale of state assets and returning the budget to surplus by 2014-15 or earlier, Key said in Auckland after the election.
Against the yen, the New Zealand dollar edged up to a 10-day high of 58.59, compared to Friday's closing value of 57.47. On the upside, 60.0 is seen as the next target level for the kiwi.
New Zealand's business confidence improved in November, halting the slide seen in the past three months, survey results from National Bank of New Zealand showed today.
The confidence index rose to 18.3 in November from 13.2 in October. Firms' own activity expectations followed the movement in general business sentiment, lifting a tad, the survey report said.
The New Zealand dollar rose to an 11-day high of 1.7658 against the euro. If the kiwi gains further, it may target the 1.760 level. The euro-kiwi pair ended last week's trading at 1.7900.
Looking ahead, Japan's small business confidence index for November is due at 12 am ET.
The Eurozone M3 money supply for October and the U.K. CBI reported sales for November are expected in the European session.
The U.S. new home sales for October is slated for release at 10 am ET.
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