SYDNEY (Reuters) - The Australian and New Zealand dollars consolidated near multi-week highs on Wednesday as a spate of rousing factory surveys from around the globe seemed to bode well for the two countries' commodity exports.
The Aussie dollar <AUD=D4> was steady at $0.7826, having made a fresh three-month top at $0.7845 overnight. It faces stiff chart resistance at $0.7884 and $0.7898, twin peaks from October.
The New Zealand dollar faded a touch to $0.7090 <NZD=D4>, after topping out at $0.7130 overnight.
JPMorgan's measure of global manufacturing gained another 0.6 points in December to reach 55.6, the strongest reading since February 2011.
"With the forward-looking new orders increasing in similar fashion, the December survey paints a very upbeat picture for global manufacturing heading into the New Year," said JPMorgan economist David Hensley in a note.
That in turn should be positive for commodity demand, and prices. Iron ore futures, for instance, hit their highest since mid-September this week at $73.90 <TIOc1>, having rebounded from a low near $58 in just a couple of months.
Australia is the world's leading exporter of iron ore, and a major exporter of coal, gold, copper and liquefied natural gas.
New Zealand's export mix is dominated by soft commodities, including dairy and timber, and has also been doing well from increased demand out of Asia.
A global auction of dairy overnight showed the sharpest rise in prices since May, though that was mainly due to tightened supplies from New Zealand itself, and had a limited impact on the kiwi.
The Global Dairy Trade Price Index (GDT) gained 2.2 percent at the first auction of the year, after the world's biggest dairy processor, Fonterra, dropped its forecast for New Zealand milk collection for the second time in as many months.
New Zealand government bonds <0#NZTSY=> slipped in line with global debt markets, pushing yields up around 4 basis points.
Australian government bond futures were likewise lower, with the three-year bond contract <YTTc1> off 2.5 ticks at 97.800. The 10-year contract <YTCc1> eased 5 ticks to 97.2650.
(Editing by Richard Borsuk)
