Australian, NZ Dollars Higher On Economic Recovery Hopes

Date : 05/26/2020 @ 5:20AM
Source : RTTF2
Stock : Australian Dollar vs Canadian Dollar (AUDCAD)
Quote : 0.9472  0.002795 (0.30%) @ 11:56AM
AUD vs CAD share price Chart

Australian, NZ Dollars Higher On Economic Recovery Hopes

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From May 2020 to Jul 2020

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The Australian and NZ dollars firmed against their major counterparts in the Asian session on Tuesday on optimism over economic recovery as countries such as Japan and Spain ease lockdown restrictions.

News that U.S. biotech firm Novavax has commenced the first human trial of its experimental coronavirus vaccine also bolstered sentiment.

The Spanish government said it would scrap a 2-week mandatory confinement for all travelers arriving from overseas starting July 1.

Gyms and swimming pools reopened in Germany, Iceland and Italy. Greece reopened restaurants and cafes while allowing travel to all the islands.

Japanese Prime Minister Shinzo Abe on Monday lifted the state of emergency in the country and said he would work to increase the government's stimulus packages to more than 200 trillion yen ($1.9 trillion), or a whopping 40 percent of the country's GDP.

As countries ease up on lockdowns, there are risks on an "immediate second peak", the World Health Organization said and urged governments in Europe and the U.S. to step up surveillance, testing and tracking measures to keep the disease under control.

Meanwhile, in Hong Kong, national security legislation for Hong Kong will not change the "one country, two systems" policy, Commissioner of the Chinese foreign ministry in the Hong Kong Special Administrative Region (HKSAR) Xie Feng emphasized on Monday.

"It will not change the capitalist system or the high degree of autonomy of Hong Kong. It will not change the legal system in the HKSAR. Nor will it affect the independent judicial power, including that of final adjudication, exercised by the judiciary in Hong Kong."

Data from Statistics New Zealand showed that New Zealand's trade surplus widened in April as imports declined faster than exports.

The trade surplus increased to NZ$1.3 billion in April from NZ$0.722 billion in March.

The kiwi climbed to more than a 2-month high of 66.34 against the yen, 6-day high of 0.6152 against the greenback and a 2-week high of 1.7780 against the euro, from its early lows of 65.64, 0.6094 and 1.7880, respectively. The next likely resistance for the kiwi is seen around 71.00 against the yen, 0.64 against the greenback and 1.72 against the euro.

The kiwi recovered to 1.0714 against the aussie, from a 5-day low of 1.0740 seen at 9:00 pm ET. If the kiwi rises further, 1.06 is seen as its next resistance level.

Reversing from its early lows of 0.6538 against the greenback, 70.41 against the yen and 1.6667 against the euro, the aussie climbed to a 5-day high of 0.6593, near 3-month high of of 71.11 and a new 2-week high of 1.6580, respectively. The aussie may face resistance around 0.70 against the greenback, 74.00 against the yen and 1.61 against the euro.

The aussie appreciated to 0.9183 against the loonie, its highest level since May 20. On the upside, 0.94 is likely seen as its next resistance level.

The yen weakened to a 4-day low of 117.97 against the euro, 5-day low of 111.24 against the franc and a 6-day low of 132.33 against the pound, off its early highs of 117.29, 110.72 and 131.18, respectively. The yen is likely to find support around 119.5 against the euro, 114.00 against the franc and 135.00 against the pound.

The yen declined to a 6-day low of 107.92 against the greenback and held steady thereafter. On the downside, 112.00 is possibly seen as the next support level for the yen.

Looking ahead, U.S. FHFA's house price index and S&P/Case-Shiller home price index for March, new home sales for April and consumer sentiment index for May are due out in the New York session.

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