Antipodean Currencies Rise Amid Risk Appetite
12 Settembre 2024 - 8:17AM
RTTF2
The Antipodean currencies such as Australia, the New Zealand and
the Canadian dollars strengthened against their major currencies in
the Asian session on Thursday amid risk appetite, as traders react
to a key U.S. inflation report that showed a bigger than expected
increase in core inflation, raising expectations for a
quarter-point rate cut at the U.S. Fed's monetary policy meeting
next week.
The data seemingly reduced the chances of the Fed cutting
interest rates by 50 basis points but is still expected to continue
lowering rates in the coming months.
Following the report, CME Group's FedWatch Tool is indicating an
83% chance of a quarter point rate cut and just a 17% percent
chance of a half-point rate cut.
Gains across most sectors led by mining and technology stocks,
also led to the upturn of investor sentiment.
Crude oil prices surged higher, recovering from a three-year low
in the previous session thanks to fears of prolonged production
shutdowns in the offshore oil patch due to Hurricane Francine. West
Texas Intermediate Crude oil futures for October ended up by $1.56
or 2.37 percent at $67.31 a barrel.
In the Asian trading today, the Australian dollar rose to a
2-day high of 95.67 against the yen, from yesterday's closing value
of 95.00. The aussie may test resistance around the 98.00
region.
Against the New Zealand and the U.S. dollars, the aussie
advanced to a 9-day high of 1.0894 and a 6-day high of 0.6695 from
Wednesday's closing quotes of 1.0875 and 0.6672, respectively. If
the aussie extends its uptrend, it is likely to find resistance
around 1.09 against the kiwi and 0.68 against the greenback.
Against the euro and the Canadian dollar, the aussie climbed to
6-day highs of 1.6458 and 0.9084 from yesterday's closing quotes of
1.6496 and 0.9059, respectively. The next possible upside target
for the aussie is seen around 1.62 against the euro and 0.91
against the loonie.
The NZ dollar rose to a 6-day high of 1.7898 against the euro,
from yesterday's closing value of 1.7942. On the upside, 1.76 is
seen as the next resistance level for the kiwi.
Against the U.S. dollar and the yen, the kiwi advanced to 2-day
highs of 0.6159 and 87.97 from Wednesday's closing quote of 0.6136
and 87.35, respectively. If the kiwi extends its uptrend, it is
likely to find resistance around 0.63 against the greenback and
90.00 against the yen.
The Canadian dollar rose to a 6-day high of 1.4937 against the
euro, from yesterday's closing value of 1.4946. The loonie is
likely to find resistance around the 1.48 region.
Against the yen and the U.S. dollar, the loonie advanced to
2-day highs of 105.44 and 1.3564 from Wednesday's closing quotes of
104.85 and 1.3571, respectively. If the loonie extends its uptrend,
it is likely to find resistance around 109.00 against the yen and
1.34 against the greenback.
Looking ahead, the European Central Bank is slated to announce
the outcome of its policy meeting in Frankfurt at 8.15 am ET. The
central bank is widely expected to cut its key interest rates by 25
basis points amid falling inflation and economic indicators
signaling a weaker outlook.
Following the monetary policy decision, the ECB Chief Christine
Lagarde will hold the press conference at 8.45 am ET.
In the New York session, Canada building permits for July, U.S.
PPI for August, weekly jobless claims, U.S. Federal Reserve's
budget statement for August and U.S WASDE report are slated for
release.
Grafico Cross NZD vs Yen (FX:NZDJPY)
Da Ago 2024 a Set 2024
Grafico Cross NZD vs Yen (FX:NZDJPY)
Da Set 2023 a Set 2024
