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Australia, NZ dollars on defensive as spreads shrink
SYDNEY: The Australian and New Zealand dollars were back on the defensive on Thursday as jitters in European debt markets benefited the super-liquid greenback most, while adding to pressure on local bonds. Concerns about French deficits widened the spread between French and German 10-year bond yields to the largest since 2012, with the strain spreading to Italian and Greek bonds overnight. The stress dragged the euro down to a 22-month trough against the Aussie at A$1.6039, but also undermined risk sentiment and gave the greenback a bigger lift. That left the Aussie at $0.6965, having fallen 0...
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