Australian, New Zealand Dollars Strengthen Amid Risk Appetite
November 07 2018 - 10:08PM
RTTF2
The Australian and New Zealand dollars climbed against their
major counterparts in the Asian session on Thursday amid risk
appetite, as Asian stocks rose following the overnight rally on
Wall Street, after the U.S. midterm election results came largely
in line with expectations.
Democrats retook control of the House for the first time since
2010, while President Donald Trump's Republican Party tightened
their hold on the Senate.
Investors now look ahead to the U.S. Federal Reserve's monetary
policy announcement due later today. The Fed is widely expected to
leave interest rates unchanged, but investors will keep a close eye
on the accompanying statement for clues about an expected rate hike
in December.
China's exports and imports exceeded forecasts in October
despite U.S. tariffs on Chinese goods, official data showed.
Exports grew 15.6 percent annually, beating forecasts for an
increase of 11.7 percent.
The aussie advanced to 2-1/2-month highs of 1.5671 against the
euro and 0.9563 against the loonie, from its early lows of 1.5734
and 0.9530, respectively. The aussie is poised to find resistance
around 1.54 against the euro and 0.97 against the loonie.
The aussie edged up to 1.0740 against the kiwi and 0.7294
against the greenback, off its previous lows of 1.0711 and 0.7265,
respectively. On the upside, 1.09 and 0.74 are possibly seen as the
next resistance levels for the aussie against the kiwi and the
greenback, respectively.
The aussie strengthened to more than a 3-month high of 82.88
against the yen, from a low of 82.51 hit at 9:00 pm ET. The aussie
is likely to challenge resistance around the 79.00 level.
The kiwi climbed to 0.6797 against the greenback and 1.6819
against the euro, reversing from its previous lows of 0.6771 and
1.6883, respectively. The next possible resistance for the kiwi is
seen around 0.69 against the greenback and 1.65 against the
euro.
The kiwi appreciated to near a 5-month high of 77.27 against the
yen, after falling to 76.92 at 7:30 pm ET. The kiwi is seen finding
resistance around the 79.00 mark.
Looking ahead, at 4:00 am ET, the European Central Bank releases
its economic bulletin.
The European Commission will publish its quarterly economic
forecasts at 5:00 am ET.
At 8:15 am ET, Canada housing starts for October are set for
release.
In the New York session, Canada new housing price index for
September and U.S. weekly jobless claims for the week ended
November 3 are scheduled for release.
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