New Zealand Dollar Climbs Amid Risk Appetite
November 18 2022 - 12:10AM
RTTF2
The New Zealand dollar advanced against its major opponents in
the European session on Friday, as European shares rose, with
investors monitoring the Fed policy outlook.
Market participants digested hawkish comments from Fed officials
indicating the possibility of a 'higher for longer' rate
outlook.
Oil prices rose as a surge in virus cases in China fuelled
concerns about demand outlook.
A pullback in the dollar also underpinned oil prices, as a
weaker currency makes oil attractive for purchases in other
currencies.
The kiwi appreciated to a 2-day high of 0.6177 against the
greenback and a 3-day high of 1.6776 against the euro, from its
early lows of 0.6114 and 1.6925, respectively. The kiwi is seen
finding resistance around 0.64 against the greenback and 1.65
against the euro.
The kiwi touched 86.54 against the yen, its strongest level
since November 9. Next immediate resistance for the kiwi is seen
around the 88.00 level.
Against the aussie, the kiwi reached nearly a 7-month high of
1.0861. The currency is likely to find resistance around the 1.06
level.
Looking ahead, Canada industrial product price index and U.S.
existing home sales for October are set for release in the New York
session.
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