Australia, NZ Dollars Gain
June 24 2015 - 12:28AM
RTTF2
The Australia and the New Zealand dollars strengthened against
their major currencies in the Asian session on Wednesday, as oil
prices rebounded after the release of API crude oil inventories
data overnight.
Crude oil for August delivery are currently up $0.13 at $61.14 a
barrel.
Industry group American Petroleum Institute said late Tuesday
that U.S. crude stockpiles were estimated to have fallen by
3.2-million-barrel last week.
Traders are also likely to keep a close eye on the official U.S.
inventories report from the Energy Information Administration, due
later in the day. Analysts expect crude oil inventories to have
fallen for an eighth week.
Meanwhile, Asian shares traded higher, as investors
optimistically wait for a Greek debt deal.
Analysts say that Greece's latest proposals go much further than
expected but cautioned that substantial challenges remain, with
Greek parliamentary approval for the proposals seen as a key risk.
Nevertheless, the developments in negotiations between Greece and
its creditors have stymied talk of default for now.
In other economic news, data from the Conference Board showed
that a leading index for the Chinese economy spiked in May, rising
1.1 percent. That follows the upwardly revised 1.4 percent jump in
April and the 0.2 percent increase in March.
Tuesday, the Australia and New Zealand dollars showed mixed
trading against the its major rivals. While the Australia and the
NZ dollars fell against the U.S. dollar and the yen, they rose
against the euro. Meanwhile, the Australian dollar fell against the
Canadian dollar too.
In the Asian trading today, the Australian dollar rose to a
3-week high of 1.4403 against the euro, from yesterday's closing
value of 1.4431. If the aussie extends its uptrend, it is likely to
find resistance around the 1.39 area.
Against the Canadian dollar, the yen and the U.S. dollar, the
aussie advanced to a 6-day high of 0.9556, a 5-day high of 96.03
and a 2-day high of 0.7757 from yesterday's closing quotes of
0.9533, 95.85 and 0.7733, respectively. The aussie is likely to
find resistance around 0.97 against the loonie, 97.50 against the
yen and 0.80 against the greenback.
The NZ dollar also rose to a 6-day high of 1.6258 against the
euro and a 2-day high of 85.06 against the yen in the Asian trading
today, from yesterday's closing quotes of 1.6278 and 84.90,
respectively. If the kiwi extends its uptrend, it is likely to find
resistance around 1.58 against the euro and 87.00 against the
greenback.
The kiwi edged up to 0.6873 against the U.S. dollar, from
yesterday's closing value of 0.6849. On the upside, 0.70 is seen as
the next resistance level for the kiwi.
Looking ahead, Swiss UBS consumption indicator for May is due to
be released at 2:00 am ET.
German Ifo business climate index for June and U.K. BBA mortgage
approvals for May are also slated for release in the European
session.
In the New York session, third estimate of U.S. GDP for the
first quarter is set to be announced.
At 7:00 am ET, Eurozone finance ministers meet for last-ditch
talks in Brussels to hammer out a loans-for-reforms deal with
Greece without which Athens will default on June 30 on its
repayment to the IMF in Brussels.
Three hours later, European Central Bank Vice-President Vitor
Constancio will participate in a Symposium on 'Debt - Economic,
Political and Moral Consequences' organised by the House of Finance
(SAFE) of Goethe University in Frankfurt.
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