NZ Dollar Advances On Coronavirus Vaccine Hopes
19 Maggio 2020 - 5:43AM
RTTF2
The NZ dollar firmed against its major counterparts in the Asian
session on Tuesday, as Asian stock markets rose following the
overnight rally on Wall Street after promising early-stage trial
results of a coronavirus vaccine from Moderna.
The American pharmaceutical company Moderna announced on Monday
that its mRNA vaccine was successful in preventing the coronavirus
in Phase 1 human trial.
Optimism about an economic recovery as more countries reopen
their economies as well as a jump in crude oil prices also lifted
stocks.
Data from Statistics New Zealand showed that New Zealand
producer price outputs rose 0.1 percent on quarter in the first
quarter of 2020 - slowing from 0.4 percent in the three month
prior.
Producer price inputs fell 0.3 percent on quarter after rising
0.1 percent in the previous three months. The kiwi appreciated to a
6-day high of 0.6071 against the greenback, from a low of 0.6033
set at 5:30 pm ET. The next likely resistance for the kiwi is seen
around the 0.65 level.
The kiwi moved up to a 6-day high of 65.32 against the yen,
following a decline to 64.74 at 5:30 pm ET. On the upside,
resistance is likely seen near the 67.5 level.
Final data from the Ministry of Economy, Trade and Industry
showed that Japan industrial production declined in March as
initially estimated.
Industrial production fell a seasonally adjusted 3.7 percent
month-on-month in March. This was in line with initial
estimate.
After dropping to 1.8084 at 5:30 pm ET, the kiwi drifted higher
to a 6-day high of 1.7959 against the euro. The kiwi is seen
finding resistance around the 1.70 level.
The kiwi rose to a 2-day high of 1.0762 against the aussie,
reversing from a low of 1.0829 seen at 9:00 pm ET. The kiwi is
likely to find resistance around the 1.04 level.
Looking ahead, German ZEW economic sentiment index for May and
Eurozone construction output for March are due in the European
session.
In the New York session, U.S. housing starts and building
permits for April are scheduled for release.
At 10:00 am ET, Federal Reserve Chair Jerome Powell testifies on
Coronavirus Aid, Relief, and the Economic Security Act before the
Senate Banking, Housing, and Urban Affairs Committee in Washington
DC.
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