Australian, NZ Dollars Higher Amid Risk Appetite
January 09 2023 - 12:19AM
RTTF2
The Australian and NZ dollars climbed against their major
counterparts on Monday amid risk appetite, as data showing a
slowdown in U.S. wage growth and a contraction in U.S. service
sector activity in the month of December supported expectations
that the Federal Reserve will slow the pace of rate hikes.
Although non-farm payrolls beat expectations in December, wage
growth was lower than expected, helping ease Fed rate hike
concerns.
China reopened its international borders, stopping quarantine
requirements for travelers after almost three years.
Data from the Australian Bureau of Statistics showed that
Australia building approvals slumped a seasonally adjusted 9.0
percent on month in November - coming in at 13,898.
That missed expectations for a decline of 4.0 percent following
the 6.0 percent contraction in October.
The aussie climbed to more than a 4-month high of 0.6947 against
the greenback and near a 3-week high of 91.66 against the yen, off
its early lows of 0.6874 and 90.69, respectively. The aussie is
seen facing resistance around 0.72 against the greenback and 94.00
against the yen.
The aussie advanced to a 5-day high of 0.9302 against the loonie
and near a 6-week high of 1.5386 against the euro, after falling to
0.9237 and 1.5480, respectively in early deals. The next possible
resistance for the aussie is seen around 0.96 against the loonie
and 1.49 against the euro.
The kiwi rallied to near a 2-week high of 84.59 against the yen,
3-week high of 0.6409 against the greenback and near a 3-week high
of 1.6674 against the euro, from its early lows of 83.58, 0.6328
and 1.6799, respectively. The kiwi is likely to target resistance
around 87.00 against the yen, 0.66 against the greenback and 1.62
against the euro.
The kiwi rose to 1.0821 against the aussie at 9:40 pm ET and
held steady thereafter. On the upside, 1.10 is possibly seen as its
next resistance level.
Looking ahead, Eurozone jobless rate for November is due in the
European session.
Canada building permits and U.S. consumer credit for November
will be featured in the New York session.
AUD vs US Dollar (FX:AUDUSD)
Forex Chart
From Apr 2023 to May 2023
AUD vs US Dollar (FX:AUDUSD)
Forex Chart
From May 2022 to May 2023