Reuters: Hot Stocks: Strong currency extinguishes Australia share rally

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Strong currency extinguishes Australia share rally Dec 13th 2012, 05:28 Tweet Share this Email Print Thu Dec 13, 2012 12:28am EST MELBOURNE, Dec 13 (Reuters) - Australian shares were unable to build on 17-month highs on Thursday as a rise in the Australian dollar to three-month highs stifled this week's rally. A strong currency lowers receipts from exports and can make it harder for companies to compete due to costs such as labour. The upside for stocks was also contained by concerns about the lack of breakthrough in U.S. budget talks to avert the "fiscal cliff," some $600 billion of tax hikes and spending cuts scheduled to start from January. The benchmark S&P/ASX 200 index shed 1 point, the first decline in five days, to end at 4,582.8, according to the latest data. The index hit an intraday high of 4,603.5 on Wednesday and closed at a 17-month high. New Zealand's benchmark NZX 50 index fell 0.5 percent to 3,974.7. (Reporting by Miranda Maxwell; Editing by Kim Coghill) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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