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Australia dlr runs into resistance at 4-mth top, NZ dlr awaits dairy sale

By Wayne Cole and Tom Westbrook
SYDNEY/WELLINGTON, Mar 21 (Reuters) The Australian dollar held near four-month peaks on Tuesday as the country's central bank stepped up warnings about overheating in the housing market, leading investors to pare the already scant chance of a further cut in interest rates.
The Aussie was standing at $0.7710 after reaching $0.7748 overnight, which was the highest since early November when it got as far as $0.7778.
A break of November's barrier would put it in territory not visited since April last year and set up a push to the next chart target around $0.7836. That also makes these levels extremely tough resistance, which could be hard to pierce.
The gains have mostly been driven by broad weakness in the U.S. dollar after the Federal Reserve emphasised further tightening would be gradual following its rate hike last week.
The Reserve Bank of Australia (RBA) is nowhere near raising rates itself, but any chance of a cut has vanished as it highlighted risks in the local housing market.
Minutes of its March policy meeting out Tuesday showed housing was very much on the mind of board members.
"The language around the housing market conveyed a sense of increased concern over the medium-term risks emerging from rising prices, increasing supply, and weak rental returns," said Su-Lin Ong, a senior economist at RBC Capital Markets.
"Our sense is that there is building pressure for additional macro prudential action."
Regulators have already told banks to limit growth in their mortgage books to 10 percent a year and many have recently been raising rates on investment loans.
As a result, rate futures are now pricing in virtually no chance of another cut in the cash rate and some possibility of a hike early next year.
The New Zealand dollar was a shade softer at $0.7045 after touching a two-week peak at $0.7080 overnight.
The kiwi is back on a "slow-grind-higher trajectory", ANZ Bank senior rates strategist David Croy said in a research note.
"Growth is enviable, interest rates are enviable, the political scene is stable, and even the current account is under control. There isn't much not to like here, even if some recent data has come in a bit below expectations," he said.
The currency still has to weather a global dairy auction late Tuesday, which could well see another drop in prices for the country's biggest export earner.
New Zealand government bonds gained, sending yields 1.5 basis points lower.
Australian government bond futures were little changed. The three-year bond contract was flat at 97.950, while the 10-year contract added 1.5 ticks to 97.1500.
REUTERS JW PM0907
Top News
Peace in Afghanistan a must for economic recovery: Kovind

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New Delhi, Oct 24 (UNI) President Ram Nath Kovind on Tuesday said securing sustained peace and security remain the key fundamentals in leading Afghanistan on the pathway of economic recovery and growth.

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24 Oct 2017 | 3:09 PM
NIA  arrests Hizbul Chief’s  son in terror funding case

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New Delhi, Oct 24 (UNI) In a major development in its ongoing probe in the terror-funding cases, the National Investigation Agency (NIA) on Tuesday arrested Hizbul Mujahideen chief Syed Salahuddin’s son Syed Shahid Yusuf .

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24 Oct 2017 | 3:10 PM
Govt to build 50 more outposts along India-China border: Rajnath

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New Delhi, Oct 24 (UNI) Union Home Minister Rajnath Singh on Tuesday said that the government is mulling to build 50 more Indo-Tibetan Border Police (ITBP) posts along India-China border.

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24 Oct 2017 | 4:33 PM
ASEAN to step up measures to combat terrorism

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Clark (The Philippines), Oct 24 (UNI) The Association of Southeast Asian Nations (ASEAN) nations have agreed to step up counter-terrorism measures to prevent pro-Islamic State (IS) militants from gaining ground in Southeast Asia.

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24 Oct 2017 | 4:40 PM
Ex-IB Chief appointment proves Modi's failure on Kashmir: Kharge

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Kalaburgi, Oct 24 (UNI) Congress leader in the Lok Sabha Mallikarjun Kharge today said the appointment of former Intelligence Bureau Chief Dineshwar Sharma as the interlocutor for peace talks in Jammu and Kashmir proved that the Modi government had failed in handling the situation in the trouble torn state.

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24 Oct 2017 | 4:49 PM
ISSF WC Day 1: Jitu, Sidhu clinch gold in Air Pistol Mixed Team event

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New Delhi, Oct 24 (UNI) Indian shooters Jitu Rai and Heena Sidhu clinched gold medal in the 10m air pistol mixed team event on day one of the International Shooting Sports Federation (ISSF) World Cup Final here on Tuesday.

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24 Oct 2017 | 4:18 PM
Modi holds bilateral talks with Afghan President Ghani

Modi holds bilateral talks with Afghan President Ghani

New Delhi, Oct 24 (UNI) Prime Minister Narendra Modi and Afghan President Ashraf Ghani on Tuesday held bilateral talks and discussed matters related to taking steps to end "menace of terrorism".

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24 Oct 2017 | 2:37 PM

Karnataka organizes Roadshow on Intl Trade Fair from Jan 19

24 Oct 2017 | 4:55 PM

Hyderabad, Oct 24 (UNI) In connection with the forthcoming International Trade Fair-Organics and Millets 2018, scheduled to be held in Bengaluru from January 19 to 21 and in a bid to take the Millet Revolution across the country, the Department of Agriculture, Government of Karnataka, organised a roadshow here today.

FIFA-U17WC: Eng to face three times winner Brazil in semis

FIFA-U17WC: Eng to face three times winner Brazil in semis

24 Oct 2017 | 4:30 PM

Kolkata, Oct 24 (UNI) Expecting an electrifying World Cup under-17 semifinal football match between three times winners Brazil and title aspirants England at the shifted venue of Salt Lake Stadium here on Wednesday, football crazy Kolkatans made beeline in front of ticket counters since early morning but only to be told that tickets are available to those who have booked those online.

Panacea Biotec gets USFDA nod to launch Prasugrel tablets

24 Oct 2017 | 4:46 PM

Mumbai, Oct 24(UNI)Pharma Major, Panacea Biotec today said it has received final approval from the US health regulator to launch generic Prasugrel tablets, Prasugrel tablets are used for preventing blood clots in people with acute coronary syndrome, in the American market.

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