2010.08.2000:29:00UTC+00Australian And New Zealand Dollars Recover Against Most Majors

The Australian and the New Zealand dollars, which plunged in early Asian deals on Friday recouped some of their losses shortly against most major currencies.

The Australian and the New Zealand dollars slumped earlier on weak equities.

Asian stocks fell today as U.S. stocks tumbled overnight after disappointing economic data heightened concerns about the world's largest economy.

U.S. stocks dropped sharply after an unexpected rise in jobless claims for the week ending August 14, and the Federal Reserve Bank of Philadelphia's manufacturing index turned negative in August, adding to investor concerns about the U.S. economy.

Investors also remained cautious on speculation that the Bank of Japan will ease its monetary policy as Prime Minister Naoto Kan and BOJ Governor Masaaki Shirakawa are expected to meet today.

Thus far, Japan's Nikkei 225 index fell 1.1%, Hong Kong's Hang Seng slipped 0.7%, China's Shangai composite index dropped 1.22%, New Zealand's NZX 50 index lost 0.6%, South Korea's Kospi declined 0.5%, Taiwan's main index plunged 0.2%, Australia's S&P 200 index fell 1.2% and the All Ordinaries index was 1.1% higher.

The New Zealand dollar that declined to a 3-day low of 0.7050 against the US currency in early Friday Asian deals at 7:40 pm ET and 60.10 against the yen at 8:00 pm ET recovered thereafter. As of now, the kiwi is worth 60.54 against the yen and 0.7079 against the greenback.

After hitting a low of 1.8176 against the euro in early Friday Asian deals at 7:45 pm ET, the New Zealand dollar gained. The kiwi is currently worth 1.8105 per euro.

The Australian dollar fell to near a 1-month low of 75.72 against the yen and a 4-day low of 0.8887 against the US currency in early Friday Asian deals at 8:00 pm ET. But the aussie bounced back thereafter and is currently worth 0.8920 against the greenback and 76.25 against the yen.

The Australian dollar slipped to a 4-day low of 1.4413 against the euro before reversing direction in early Asian deals on Friday at 7:45 pm ET. The aussie is now worth 1.4378 per euro.

The Australian dollar, which dropped to 0.9252 against the Canadian dollar in early Friday Asian session at 8:00 pm ET rose thereafter. At present, the aussie-loonie pair is worth 0.9272.

There are no major economic reports due for release in the European session today.

At 7:00 am ET, Canada's CPI for July is expected.

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