The Australian and New Zealand dollars held close to multi-week highs on Tuesday, drawing support from expectations of fresh US economic stimulus measures, though investors kept a wary eye on developments in Italian politics. The Aussie paused at $1.0479, from $1.0485 early, having risen as high as $1.0506 overnight.

It remained very close to an 11-week peak of $1.0515 set last week. The Australian dollar has fallen more than 2 percent versus the kiwi since it hit a two-month high of NZ$1.2831 mid-November. The NZ dollar was firm at $0.8337, very near a 10-week peak of $0.8355 struck on Monday.

Copyright Reuters, 2012