New Zealand Dollar Trades Higher On Trade Hopes
October 21 2019 - 11:27PM
RTTF2
The New Zealand dollar traded higher against its most major
counterparts in the Asian session on Tuesday, as most Asian shares
rose amid renewed optimism that the U.S. and China will sign the
first phase of a trade deal by the middle of November following
comments from President Donald Trump and Chinese Vice Premier Liu
He.
Trump said that trade talks are progressing between Beijing and
Washington and there is chance to seal the mini-deal next
month.
U.S. Trade Representative Robert Lighthizer said the government
is aiming to finalize a "Phase 1" deal with China at the
Asia-Pacific Economic Cooperation meetings in Chile.
Further underpinning sentiment were comments from White House
economic adviser Larry Kudlow, who said that tariffs scheduled for
December could be removed if negotiations progress.
The kiwi appreciated to near a 6-week high of 0.6436 against the
greenback and held steady thereafter. The next possible resistance
for the kiwi is seen around the 0.66 mark.
The NZ currency firmed to near a 3-month high of 69.96 against
the yen and held steady thereafter. The kiwi is likely to challenge
resistance around the 71.00 mark.
The kiwi spiked up to a 6-day high of 1.0683 against the aussie
and moved sideways in subsequent trading. The kiwi is likely to
find resistance around the 1.045 level, if it rises again.
The kiwi rose to near a 3-week high of 1.7331 against the euro
from yesterday's closing value of 1.7394. The kiwi is seen finding
resistance around the 1.71 level.
Looking ahead, U.K. public sector finance data for September is
due in the European session.
Canada retail sales for August and U.S. existing home sales for
September will be featured in the New York session.
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