Australian, NZ Dollars Higher As Australia Plans To Ease Restrictions
April 29 2020 - 12:05AM
RTTF2
The Australian and NZ dollars moved up against their major
counterparts in the Asian session on Wednesday, as Australian Prime
Minister Scott Morrison announced plan to ease coronavirus
restrictions soon amid slowing rate of infections.
The PM said that the national cabinet would meet today to
discuss "the road back" from the pandemic.
Morrison suggested that travel to New Zealand is on the cards,
but international travel is out of the question.
Data from the Australian Bureau of Statistics showed that
Australia's consumer prices rose 0.3 percent on quarter in the
first quarter of 2020. That exceeded expectations for an increase
of 0.2 percent and was down from 0.7 percent in the three months
prior.
On a yearly basis, inflation climbed 2.2 percent - again topping
forecasts for 2.0 percent and up from 1.8 percent in Q4.
Data from Statistics New Zealand showed that New Zealand posted
a merchandise trade surplus of NZ$672 million in March - up from
NZ$594 million in February.
Exports were up 3.8 percent on year, while imports jumped 7.7
percent.
The aussie advanced to a new 7-week high of 0.6547 against the
greenback and near an 8-week high of 69.74 against the yen, from
its prior lows of 0.6485 and 69.31, respectively. The aussie is
seen finding resistance around 0.69 against the greenback and 75.00
against the yen.
The aussie firmed to more than a 2-month high of 1.6579 against
the euro and near a 4-month high of 0.9122 against the loonie,
after dropping to 1.6680 and 0.9077, respectively in early deals.
The aussie is poised to target resistance around 1.60 against the
euro and 0.94 against the loonie.
The aussie recovered to 1.0722 against the kiwi, from a 2-day
low of 1.0673 seen at 9:30 pm ET. If the aussie rises further, 1.10
is possibly seen as its next resistance level.
Reversing from its early lows of 0.6049 against the greenback,
64.65 against the yen and 1.7879 against the euro, the kiwi spiked
up to more than a 2-week high of 0.6117, 9-day high of 65.18 and
more than a 7-week high of 1.7735, respectively. The next possible
resistance for the kiwi is seen around 0.64 against the greenback,
68.00 against the yen and 1.68 against the euro.
Looking ahead, Eurozone economic sentiment index for April will
be out in the European session.
U.S. GDP data for the first quarter and pending home sales for
March are due in the New York session.
At 2:00 pm ET, the Fed announces its decision on interest rate.
Economists widely expect the federal funds rate to be kept at 0.25
percent.
Euro vs AUD (FX:EURAUD)
Forex Chart
From Aug 2024 to Sep 2024
Euro vs AUD (FX:EURAUD)
Forex Chart
From Sep 2023 to Sep 2024