Australian, NZ Dollars Higher As Virus Restrictions Ease
May 10 2020 - 11:25PM
RTTF2
The Australian and NZ dollars strengthened against their major
counterparts in the Asian session on Monday, as optimism over
loosening lockdowns in more economies and easing tensions between
China and the United States boosted demand for high-yielding
assets.
Sentiment lifted up after France, Italy and the U.K. reported
the fewest coronavirus deaths since March, and the People's Bank of
China pledged "more powerful" policies to support economic recovery
and job creation.
U.K. Prime Minister Boris Johnson on Sunday announced a phased
plan to ease a nationwide coronavirus lockdown starting this week
amid growing demand from his own MPs to get the economy moving
again.
Survey from ANZ showed that New Zealand business confidence
improved strongly in May as the economy emerges from lockdown.
The business confidence index surged 21 points to -45.6 in May
from -66.6 in April.
The aussie advanced to near 2-week highs of 0.6561 versus the
greenback and 70.15 versus the yen, from its early lows of 0.6515
and 69.47, respectively. The next possible resistance for the
aussie is seen around 0.70 versus the greenback and 73.00 versus
the yen.
The aussie appreciated to a 4-day high of 0.9124 versus the
loonie and a 2-1/2-month high of 1.6533 versus the euro, off its
early lows of 0.9082 and 1.6627, respectively. Next key resistance
for the aussie is seen around 0.94 versus the loonie and 1.60
versus the euro.
The aussie rebounded to 1.0671 versus the kiwi, from a 5-day low
of 1.0619 hit earlier in the session. On the upside, 1.08 is
possibly seen as the next resistance for the aussie.
The kiwi firmed to a 2-1/2-month high of 1.7601 versus the euro,
near 2-week highs of 0.6156 versus the greenback and 65.80 versus
the yen, reversing from its early lows of 1.7688, 0.6123 and 65.34,
respectively. The kiwi is likely to find resistance around 1.70
versus the euro, 0.64 versus the greenback and 70.00 versus the
yen.
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