Australian, NZ Dollars Advance On Recovery Hopes
June 29 2021 - 11:14PM
RTTF2
The Australian and NZ dollars moved up against their major
counterparts in the Asian session on Wednesday, as most Asian
shares rose following positive cues from Wall street overnight on
optimism over economic recovery and on vaccine hopes against the
delta coronavirus strain.
U.S. consumer confidence jumped to nearly a 1-1/2-year high in
June, while the Federal Housing Finance Agency's house price index
shot up to a record high in April, separate data showed on
Tuesday.
Moderna's announcement that its vaccine produced protective
antibodies against the delta variant further underpinned
sentiment.
Official data showed that China manufacturing PMI rose more than
forecast in June.
The manufacturing Purchasing Managers' Index came in at 50.9 in
June, up from forecasts for a reading of 50.8.
All important U.S. jobs data is due later in week, which could
provide more clarity on the Federal Reserve's policy outlook.
The aussie climbed to 0.7527 against the greenback and 83.16
against the yen, after falling to 0.7508 and 82.96, respectively in
early deals. On the upside, 0.78 and 86 are possibly seen as its
next resistance levels against the greenback and the yen,
respectively.
The aussie edged up to 0.9328 against the loonie and 1.5813
against the euro, up from an early low of 0.9307 and an 8-day low
of 1.5846, respectively. If the aussie rallies again, 1.56 and 0.96
are seen as its next resistance levels against the loonie and the
euro, respectively.
Reversing from its early lows of 0.6985 against the greenback,
77.18 against the yen and 1.7029 against the euro, the kiwi rose to
0.7004, 77.40 and 1.6991, respectively. The kiwi is likely to
locate resistance around 0.72 against the greenback, 80.00 against
the yen and 1.67 against the euro.
The kiwi recovered to 1.0739 against the aussie, from a low of
1.0754 set at 8:15 pm ET. The kiwi may challenge resistance around
the 1.06 level.
Looking ahead, Swiss economic sentiment index, German jobless
rate and Eurozone inflation, all for June, will be published in the
European session.
U.S. ADP private payrolls data for June is scheduled for release
at 8:15 am ET.
Canada GDP data for April and industrial product price index for
May, as well as U.S. pending home sales for the same month will be
released in the New York session.
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