Australian, NZ Dollars Rise Amid Risk Appetite
20 Agosto 2019 - 5:21AM
RTTF2
The Australian and New Zealand dollars strengthened against
their major counterparts in the Asian session on Tuesday amid risk
appetite, as Asian shares followed Wall Street higher after the
United States allowed American companies to continue doing business
with Chinese telecommunications giant Huawei for an additional 90
days.
Concerns over a potential U.S. recession receded following a
recovery in bond yields.
Investors cheered signs of the Trump administration trying to
dial back its rhetoric with China.
The focus now shifts to the minutes of the U.S. Federal
Reserve's last meeting due out on Wednesday as well as Fed Chair
Jerome Powell's speech at the Jackson Hole symposium on Friday as
investors look for clues to what the U.S. central bank may do
next.
The minutes from the Reserve Bank of Australia's August meeting
showed that the central bank would consider further monetary easing
if needed to underpin sustainable growth and inflation and reviewed
various unconventional policy loosening measures.
At the meeting, policymakers assessed it appropriate to view the
developments in both global and domestic economies before cutting
rates further.
The aussie rose to 4-day highs of 0.6795 against the greenback,
1.6309 against the euro and 0.9047 against the loonie, from its
early lows of 0.6755, 1.6407 and 0.9003, respectively. If the
aussie rises further, it may face resistance around 0.71 against
the greenback, 1.60 against the euro and 0.925 against the
loonie.
Reversing from its early lows of 71.97 against the yen and
1.0541 against the kiwi, the aussie spiked higher to a 5-day high
of 72.36 and more than a 2-month high of 1.0572, respectively. The
aussie is likely to find resistance around 75.5 against the yen and
1.07 against the kiwi.
The kiwi strengthened to 1.7238 against the euro and 0.6429
against the greenback, coming off from its early low of 1.7312 and
a session's low of 0.6403, respectively. The next possible
resistance for the kiwi is seen around 1.70 against the euro and
0.66 against the greenback.
The NZ currency appreciated to a 4-day high of 68.51 against the
yen, from a low of 68.22 hit at 8:00 pm ET. The kiwi is seen
finding resistance around the 71.5 level.
Looking ahead, Eurozone construction output for June is due in
the European session.
At 8:30 am ET, Canada manufacturing sales for June will be
released.
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