SYDNEY, May 18 Reuters The Australian and New Zealand dollars held tight ranges on Tuesday as investors looked for clues to determine if the global economic recovery would be strong enough to lift inflation and warrant policy tightening.
The Australian currency was last up 0.2 at 0.7786. It has traded in a 0.76750.7891 range since midApril with support coming from high commodity prices though a dovish central bank is restraining the currency.
The New Zealand dollar rose 0.3 to 0.7236. The kiwi has been in a 0.7116 and 0.7304 band over the past two months.
Investors have been focussed on any new pieces of information that could help inform their view on whether central banks would start tapering some of their emergency stimulus measures that were put in place at the height of the coronavirus pandemic last year.
In Australia, data due on Wednesday will likely show firstquarter wage growth stuck around 1.4, half what the countrys central bank says is needed to spark inflation.
On Thursday, April labour force figures will show another strong month of employment growth but jobless rate at a still high 5.6.
The Reserve Bank of Australia RBA believes full employment, the level where the labour market is tight enough to generate wage pressure, could be around 4 or lower.
In the United States, a host of Federal Reserve policymakers are scheduled to speak this week, and the U.S. central bank will also release minutes from its most recent meeting, which may give indications…