Commodity Currencies Rise As Asian Shares Traded Higher Amid Fed Rate Cuts
19 Settembre 2024 - 7:05AM
RTTF2
The Commodity currencies such as Australia, the New Zealand and
the Canadian dollars strengthened against their major counterparts
in the Asian session on Thursday, as the markets reacted positively
after the U.S. Federal Reserve kicked off an anticipated series of
interest rate cuts with a larger-than-usual half-percentage-point
reduction, expressing greater confidence about inflation and
reiterating its commitment to supporting maximum employment.
Fed officials also suggested the central bank will cut rates by
another 50 basis points by the end of the year.
Fed officials also expect to continue lowering rates next year,
with the projections indicating rates will be lower by another full
percentage point by the end of 2025.
Gains in iron ore miners, energy and technology stocks,
partially offset by losses in gold miner stocks, also led to the
upturn of investor sentiment.
In economic news, data from the Australian Bureau of Statistics
showed that Australia's unemployment rate held steady in August and
employment increased strongly, suggesting that the labor market
remained tight. The jobless rate remained unchanged at 4.2 percent
in August, in line with expectations.
The net employment increased by 47,500 on month in August, which
was much higher than the expected increase of 26,400. The
participation rate held steady at a record high of 67.1 percent. In
the Asian trading today, the Australian dollar rose to nearly a
4-week high of 1.0935 against the NZ dollar, from yesterday's
closing value of 1.0896. The AUD/NZD pair may find its resistance
level around the 1.11 region.
Against the yen and the euro, the aussie advanced to more than
2-week highs of 97.33 and 1.6539 from Tuesday's closing quotes of
96.56 and 1.6426, respectively. If the aussie extends its uptrend,
it is likely to find resistance around 100.50 against the yen and
1.62 against the euro.
The aussie jumped to 0.6794 against the U.S. dollar, from a
recent 3-day low of 0.6737. On the upside, 0.69 is seen as the next
resistance level for the aussie.
The aussie edged up to 0.9240 against the Canadian dollar, from
yesterday's closing value of 0.9207. The AUD/CAD may find
resistance around the 0.93 region.
The NZ dollar rose to near 2-week highs of 89.25 against the yen
and 1.7835 against the euro, from Wednesday's closing quotes of
88.62 and 1.7897, respectively. If the kiwi extends its uptrend, it
is likely to find resistance around 94.00 against the yen and 1.76
against the euro.
Against the U.S. dollar, the kiwi edged up to 1.6228 from a
recent 2-day low of 0.6181. The NZD/USD pair is likely to find its
resistance around the 0.63 region.
The Canadian dollar rose to a 9-day high of 105.52 against the
yen and a 3-day high of 1.5102 against the euro, from yesterday's
closing quotes of 104.88 and 1.5124, respectively. If the loonie
extends its uptrend, it is likely to find resistance around 106.00
against the yen and 1.49 against the euro.
Against the U.S. dollar, the loonie edged up to 1.3591 from a
recent 1-month low of 1.3648. The loonie may test resistance around
the 1.33 region.
Meanwhile, the safe-haven currency or the Japanese yen weakened
against other major currencies, as Asian stock markets traded
higher in the Asian session.
The yen fell to near 2-week lows of 159.42 against the euro and
189.42 against the pound, from yesterday's closing quotes of 158.61
and 188.42, respectively. If the yen extends its downtrend, it is
likely to find support around 163.00 against the euro and 194.00
against the pound.
Against the U.S. dollar and the Swiss franc, the yen slipped to
a 2-week low of 143.9 and a 9-day low of 169.19 from Wednesday's
closing quotes of 142.27 and 168.44, respectively. The yen is
likely to find support around 147.00 against the greenback and
172.00 against the franc.
Looking ahead, The Bank of England will announce its monetary
policy decision is due at 7:00 AM ET. The BoE is expected to
maintain its bank rate at 5.00 percent today but markets now focus
on the pace of quantitative tightening programme. The bank could
unveil another GBP 100 billion reduction in gilt holdings over the
coming twelve months.
In the New York session, U.S. weekly jobless claims, current
account for the second quarter, U.S. Philadelphia Fed manufacturing
index for September, existing home sales for August and U.S.
leading index for August are slated for release.
Grafico Cross Euro vs Yen (FX:EURJPY)
Da Ott 2024 a Nov 2024
Grafico Cross Euro vs Yen (FX:EURJPY)
Da Nov 2023 a Nov 2024