Commodity Currencies Rise As Most Asian Shares Advance
30 Gennaio 2024 - 3:25AM
RTTF2
The Commodity currencies such as Australia, the New Zealand and
the Canadian dollars strengthened against their major currencies in
the Asian session on Tuesday, with investors looking ahead to the
upcoming monetary policy meetings of several central banks, and
some key economic data, for clues about the likely timing of
interest rate cuts.
Energy stocks are gaining ground on higher oil prices amid
rising geopolitical tensions.
Brent crude futures rose 25 cents, or 0.3 percent to $82.65 a
barrel. U.S. West Texas Intermediate crude futures was up 31 cents
or 0.4 percent, at $77.09 a barrel.
Meanwhile, the Chinese markets are hurt by real estate major
China Evergrande's liquidation order.
On the economic front, data from the Australian Bureau of
Statistics showed that the total value of retail sales in Australia
was down a seasonally adjusted 2.7% on month at A$35.187 billion in
December. That missed expectations for a decline of 1% following
the downwardly revised 1.6% gain in November.
On a yearly basis, retail sales were up 0.8% in December, the
data showed.
In the Asian trading today, the Australian dollar rose to more
than a 2-week high of 1.6357 against the euro, from yesterday's
closing value of 1.6384. The aussie may test resistance near the
1.61 region.
Against the U.S. and the Canadian dollars, the aussie advanced
to a 2-week high of 0.6625 and a 4-day high of 0.8879 from
yesterday's closing quotes of 0.6610 and 0.8865, respectively. If
the aussie extends its uptrend, it is likely to find resistance
around 0.67 against the greenback and 0.90 against the loonie.
Against the yen, the aussie edged up to 97.52 from Monday's
closing value of 97.49. On the upside, 99.00 is seen as the next
resistance level for the aussie.
The NZ dollar rose to more than a 2-week high of 1.7608 against
the euro and a 6-day high of 0.6146 against the U.S. dollar, from
yesterday's closing quotes of 1.7661 and 0.6131, respectively. If
the kiwi extends its uptrend, it is likely to find resistance
around 1.73 against the euro and 0.62 against the greenback.
Against the Australian dollar and the yen, the kiwi advanced to
1.0758 and 90.31 from Monday's closing quotes of 1.0766 and 90.43,
respectively. The next possible upside resistance levels for the
kiwi are seen around 1.06 against the aussie and 89.00 against the
yen.
The Canadian dollar rose to more than a 2-week high of 1.3401
against the U.S. dollar and more than a 3-month high of 1.4503
against the euro, from yesterday's closing quotes of 1.3411 and
1.4528, respectively. If the loonie extends its uptrend, it is
likely to find resistance around 1.32 against the greenback and
1.44 against the euro.
Against the yen, the loonie edged up to 110.02 from Monday's
closing value of 109.92. On the upside, 111.00 is seen as the next
resistance level for the loonie.
Looking ahead, the fourth quarter German GDP data, the Bank of
England mortgage approvals data for December, Eurozone flash GDP
data for the fourth quarter and monthly economic sentiment survey
results for January are due to be released in the European
session.
In the New York session, U.S. Redbook report, U.S. S&P
Case-Shiller house price index for November and U.S. Consumer Board
consumer confidence for January are slated for release.
Grafico Cross NZD vs Yen (FX:NZDJPY)
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Grafico Cross NZD vs Yen (FX:NZDJPY)
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