Australian, NZ Dollars Advance Amid Risk Appetite
March 11 2018 - 11:25PM
RTTF2
The Australian and New Zealand dollars climbed against their
major counterparts in the Asian session on Monday amid risk
appetite, as Asian stocks rose following solid gains on Wall
Street, as mixed jobs data eased worries over faster rate
hikes.
The U.S. Labor Department said that non-farm payroll employment
surged up by 313,000 jobs in February, the biggest gain since
mid-2016. Meanwhile, the annual rate of growth in average hourly
employee earnings slowed, easing worries about faster interest rate
hikes by the Federal Reserve.
Further underpinning the risk sentiment was easing geopolitical
concerns in the wake of President Donald Trump's acceptance of a
summit with North Korean leader Kim Jong-un to halt nuclear
tests.
News that Australia was exempted from U.S. President Donald
Trump's tariffs on steel and aluminum imports also cheered
investors.
The aussie climbed to a 2-week high of 0.7874 against the
greenback, 4-day high of 1.0085 against the loonie and near a
2-week high of 1.5645 against the euro, from Friday's closing
values of 0.7846, 1.0051 and 1.5677, respectively. The aussie is
seen finding resistance around 0.795 against the greenback, 1.02
against the loonie and 1.55 against the euro.
The aussie recovered to 1.0764 against the kiwi, from an early
low of 1.0741. On the upside, 1.10 is seen as the next resistance
level for the aussie.
The aussie bounced off to 84.01 against the yen, from an early
low of 83.67. This may be compared to near a 2-week high of 84.10
hit early in the session. The next possible resistance for the
aussie is seen around the 86.00 level.
Quarterly survey by the Ministry of Finance and the Cabinet
Office showed that Japan's business survey index of large
manufacturers weakened notably in the three months ended March.
The Business Survey Index, or BSI, dropped 2.9 in the
three-month period to March from 9.7 in the previous three
months.
The kiwi advanced to a 2-week high of 0.7323 against the
greenback and an 11-day high of 1.6826 against the euro, from
Friday's closing values of 0.7279 and 1.6894, respectively. If the
kiwi rises further, 0.74 and 1.67 are likely seen as its next
resistance levels against the greenback and the euro,
respectively.
The kiwi reversed from an early low of 77.78 against the yen and
recovered to 78.06. This may be compared to a 2-week high of 78.16
hit early in the session. The kiwi is poised to find resistance
around the 79.00 level.
Looking ahead, U.S. budget statement for February is set for
release in the New York session.
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