Antipodean Currencies Rise As Asian Shares Traded Higher
12 Luglio 2023 - 4:44AM
RTTF2
The Antipodean currencies such as the Australia and the New
Zealand dollars strengthened against their major currencies in the
Asian session on Wednesday, as traders react positively to comments
from several U.S. Fed officials suggesting the U.S. central bank is
nearing the end of its rate-hiking cycle.
Traders also cautiously await U.S. consumer price inflation data
later in the day that is likely to have a significant impact on the
outlook for interest rates.
Ahead of the inflation data, CME Group's FedWatch Tool is
indicating a 92.4 percent chance of another quarter point rate hike
at the next Fed meeting later this month.
In economic news, the Reserve Bank of New Zealand decided to
maintain the Official Cash Rate (OCR) at 5.50 percent at its July
monetary policy meeting, as expected by the economists.
In the Asian trading today, the Australian dollar rose to an
8-day high of 1.0832 against the NZ dollar and a 6-day high of
1.6363 against the euro, from yesterday's closing quotes of 1.0778
and 1.6463, respectively. If the aussie extends its uptrend, it is
likely to find resistance around 1.10 against the kiwi and 1.59
against the euro.
Against the U.S. and the Canadian dollars, the aussie advanced
to near 3-week highs of 0.6742 and 0.8899 from Tuesday's closing
quotes of 0.6685 and 0.8844, respectively. The aussie may test
resistance near 0.69 against the greenback and 0.90 against the
loonie.
The aussie edged up to 94.13 against the yen, from yesterday's
closing value of 93.84. On the upside, 97.00 is seen as the next
resistance level for the aussie.
The NZ dollar rose to nearly a 1-month high of 0.6239 against
the U.S. dollar and a 2-day high of 1.7682 against the euro, from
yesterday's closing quotes of 0.6198 and 1.7765, respectively. If
the kiwi extends its uptrend, it is likely to find resistance
around 0.64 against the greenback and 1.71 against the euro.
Against the yen, the kiwi edged up to 87.07 from a recent 4-week
low of 86.51. The next possible upside target for the kiwi is seen
around the 89.00 region.
Looking ahead, U.S. MBA weekly mortgage approvals data, U.S.
inflation data for June, U.S. EIA weekly crude oil report, U.S.
WASDE report and U.S. Fed Beige book report are slated for release
in the New York session.
At 8:45 am ET, Philip R. Lane, member of the Executive Board of
the European Central Bank and Federal Reserve Bank of Minneapolis
President Neel Kashkari will participate in a panel at the NBER
conference "Summer Institute 2023 - Macro, Money and Financial
Frictions" in Cambridge Massachusetts, USA.
At 9:00 am ET, the Bank of Canada key will announce its interest
rate decision and monetary policy report. The economists expect a
rate hike of 25 bps to 5.0 percent from 4.75 percent.
After an hour, the Bank of Canada Governor Tiff Macklem and
Senior Deputy Governor Carolyn Rogers will hold a press conference
to discuss the contents of the report, in Ottawa, Canada.
At 12:00 pm ET, Federal Reserve Bank of Atlanta President
Raphael Bostic is scheduled to speak on "Financial and Payments
Inclusion" before the Federal Reserve Bank of Atlanta 2023 Payments
Inclusion Forum: "Breaking Barriers", in Atlanta, U.S.
At 3:00 pm ET, Federal Reserve Bank of Cleveland President
Loretta Mester will speak on "FedNow" before a session on Instant
Payment Systems before the National Bureau of Economic Research
Summer Institute: Macro, Money and Financial Frictions," in
Cambridge, Massachusetts, U.S.
Grafico Cross NZD vs Yen (FX:NZDJPY)
Da Set 2024 a Ott 2024
Grafico Cross NZD vs Yen (FX:NZDJPY)
Da Ott 2023 a Ott 2024