Australian, NZ Dollars Higher Ahead Of U.S. Jobs Data
May 07 2020 - 11:46PM
RTTF2
The Australian and NZ dollars moved up against their major
counterparts in the Asian session on Friday, as most Asian shares
rose following the positive cues overnight from Wall Street on
upbeat corporate earnings results and continued optimism about
easing COVID-19 restrictions.
A continued decline in the number of new jobless claims in the
U.S. also boosted sentiment.
Investors now look ahead to the release of the U.S. jobs data
for the month of April later today. Employment is expected to
plunge by about 22 million jobs in April, driving the unemployment
rate up to 14.0 percent.
US-China tensions eased after a statement by the U.S. Treasury
Department and Trade Representative's office said that U.S. and
Chinese officials have held a phone call late on Thursday on the
phase one trade deal signed between the two countries signed
earlier this year.
Both sides agreed that "good progress" is being made to meet the
phase one agreement and that they expect to meet the obligations
under the deal,
The aussie climbed to 8-day highs of 0.6548 against the
greenback and 1.6573 against the euro, from its early lows of
0.6492 and 1.6688, respectively. The next possible resistance for
the aussie is seen around 0.70 against the greenback and 1.61
against the euro.
The aussie appreciated to a 1-week high of 69.61 against the
yen, from a low of 68.97 hit at 5:00 pm ET. The aussie is poised to
find resistance around the 75.00 level.
The aussie gained to 0.9120 against the loonie, after falling to
0.9074 at 5:00 pm ET. The aussie is seen finding resistance around
the 0.94 level.
The kiwi advanced to a 1-week high of 65.22 against the yen and
8-day highs of 0.6134 against the greenback and 1.7693 against the
euro, off its early lows of 64.65, 0.6084 and 1.7805, respectively.
On the upside, 67.00, 0.64 and 1.72 are likely seen as the next
resistance levels for the kiwi against the yen, the greenback and
the euro, respectively.
The kiwi edged up to 1.0654 against the aussie, from a low of
1.0688 set at 9:15 pm ET. If the kiwi rises further, 1.03 is
possibly seen as its next resistance level.
Looking ahead, Canada housing starts for April are set for
release at 8:15 am ET.
U.S. and Canadian jobs data for April, U.S. wholesale
inventories for March and Canada building permits for the same
month are due out in the New York session.
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