SYDNEY, April 30 Reuters The Australian and New Zealand dollars were poised for another week of gains on Friday, led by strength in commodity prices with iron ore rallying more than 30 in the past month and copper at decade highs.
Prices of soft commodities and foods have also risen in recent days, particularly benefiting the kiwi dollar.
The Australian dollar was last at 0.7774 with the next chart resistance seen at 0.7820. Critical chart support lies at 0.7699.
The Aussie is so far up 0.4 for the week, on track for its fourth straight weekly gain. It jumped 2.4 in April alone.
The New Zealand dollar was at 0.7247, not too far from a twomonth high of 0.7286 reached on Thursday.
The kiwi is up 0.7 so far this week, set for its fifth straight weekly rise. It has climbed 3.8 so far in April.
Analysts said a combination of strong commodity prices and soft U.S. dollar have boosted the antipodean currencies. Iron ore is Australias top exports while New Zealand is the worlds leading supplier of dairy.
Investor attention will turn to the Reserve Bank of Australias RBA May policy meeting on Tuesday where it is widely expected to keep rates at a record low of 0.1.
Next Friday, the RBA will deliver its quarterly economic outlook, which will formalise the strength in labour market conditions through forecast upgrades to the unemployment rate, ANZ economists said in a note.
The Australian federal budget will be delivered the week after, on May 11, and is expected to show a…