Australian, NZ Dollars Higher Amid Rising Risk Appetite
April 22 2020 - 10:38PM
RTTF2
The Australian and NZ dollars moved up against their major
counterparts in the Asian session on Thursday, as most Asian shares
rose following the positive cues overnight from Wall Street for the
first time in three days and the substantial rebound in crude oil
prices.
Oil prices recovered from its historic low on hopes of further
production cuts to reduce the glut in the oil market.
Optimism about more stimulus measures from global central banks
to mitigate the economic impact of the coronavirus pandemic also
lifted stocks.
Data from the Australian Bureau of Statistics showed that
Australia's exports surged in March driven by shipment of iron ore
to China and gold to Hong Kong and the UK.
Exports increased 29 percent, or A$8 billion in March. At the
same time, imports advanced 10 percent on month in March.
The aussie climbed to 3-day highs of 0.6370 against the
greenback and 68.67 against the yen, from its early lows of 0.6283
and 67.75, respectively. The aussie is seen finding resistance
around 0.67 against the greenback and 73.00 against the yen.
The aussie appreciated to a 9-day high of 1.7006 against the
euro, from a low of 1.7198 seen at 8:15 pm ET. If the aussie
extends rise, 1.60 is possibly seen as its next resistance
level.
Reversing from an early low of 0.8918 against the loonie, the
aussie edged higher to 0.8996. Next key resistance for the aussie
is seen around the 0.92 region.
The kiwi recovered to 0.5996 against the greenback and 64.63
against the yen, off its early more than 2-week lows of 0.5910 and
63.73, respectively. The next possible resistance for the kiwi is
seen around 0.64 against the greenback and 69.00 against the
yen.
The kiwi bounced off to 1.0600 against the aussie, from more
than a 5-month low of 1.0642 hit at 8:15 pm ET. On the upside, 1.03
is likely seen as its next resistance level.
The kiwi advanced to a 2-day high of 1.8067 against the euro,
after falling to a 1-week low of 1.8282 at 8:15 pm ET. The kiwi is
poised to find resistance around the 1.70 region.
Looking ahead, PMI reports from major European economies are due
in the European session.
The U.S. weekly jobless claims for the week ended April 18 and
new home sales for March will be featured in the New York
session.
Euro vs AUD (FX:EURAUD)
Forex Chart
From Apr 2024 to May 2024
Euro vs AUD (FX:EURAUD)
Forex Chart
From May 2023 to May 2024