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Forex News: Antipodean Currencies Extends Rise As China Exports Rise

Antipodean Currencies Extends Rise As China Exports Rise Above Forecast

06/08/2017 - 02:38:00 (RTTNews)

(RTTNews) - Antipodean currencies such as the Australian and the New Zealand dollars continued to be strong against their major counterparts in the Asian session on Thursday, after data showed that China's exports increased more than expected in May.

Data from the General Administration of Customs showed that China's exports, in dollar terms, advanced 8.7 percent year-on-year in May, faster than the 7.2 percent increase economists had forecast. Likewise, imports climbed 14.8 percent, bigger than the expected 8.3 percent.

As a result, the trade surplus totaled $40.8 billion in May versus the expected surplus of $47.8 billion.

Asian stocks recouped early losses to trade mostly higher as China reported stronger-than-anticipated trade data and oil prices recovered some ground after steep losses on Wednesday.

Investors shrugged off sluggish GDP data out of Japan and news that North Korea fired several anti-ship cruise missiles off its east coast.

Standard & Poor's downgraded the sovereign ratings of Qatar by one notch to 'AA-' and placed the rating on CreditWatch with negative implications after six Arab nations moved to cut diplomatic ties and trade links with Qatar.

In other economic news, data from the Australian Bureau of Statistics showed that Australia posted a seasonally adjusted merchandise trade surplus of A$555 million in April. That was well shy of forecasts for a surplus of A$2.0 billion following the A$3.107 billion surplus in March.

Imports were down A$171 million or 1.0 percent on month to A$30.035 billion. Exports skidded A$2.784 billion or 8.0 percent to A$30.590 billion.

Wednesday, the Australian and the New Zealand dollars had risen against their major counterparts. The Australian dollar rose 0.58 percent against the U.S. dollar, 0.25 percent against the yen and 0.76 percent against the euro. The New Zealand dollar rose 0.01 percent against the U.S. dollar, 0.19 percent against the yen, and 0.33 percent against the euro.

In the Asian trading, the Australian dollar rose to nearly a 2-week high of 82.99 against the yen, from an early low of 82.66. The aussie may test resistance around the 84.00 region.

The aussie edged up to 1.4909 against the euro, from an early low of 1.4949. On the upside, 1.46 is seen as the next resistance level for the aussie.

Against the U.S., the New Zealand and the Canadian dollars, the aussie advanced to 0.7550, 1.0483 and 1.0201 from early lows of 0.7525, 1.0453 and 1.0173, respectively. If the aussie extends its uptrend, it is likely to find resistance around 0.77 against the greenback, 1.07 against the kiwi, and 1.03 against the loonie.

The NZ dollar rose to nearly a 3-1/2-month high of 0.7211 against the U.S. dollar and nearly a 1-month high of 79.22 against the yen, from yesterday's closing quotes of 0.7197 and 79.02, respectively. If the kiwi extends its rise, it may find resistance around 0.73 against the greenback and 81.00 against the yen.

Against the euro, the kiwi advanced to 1.5614 from yesterday's closing value of 1.5642. The kiwi is likely to find resistance around the 1.52 region.

In today's schedule of events, Switzerland CPI data for May and Eurozone final GDP for the first quarter are due to be released later in the day.

At 7.45 am ET, the ECB releases the outcome of its governing council meeting in Frankfurt. The bank is expected to keep its refi rate at zero percent and the deposit rate at -0.4 percent.

The announcement will be followed by a press conference, at 8:30 am ET.

In the New York session, Canada housing starts for May and house price index for April and U.S. weekly jobless claims for the week ended June 3 are slated for release.

At 10:30 am ET, Bank of Canada Governor Stephen Poloz releases financial system review, in Ottawa.

Britons will vote in a general election later in the day. In April, Prime Minister Theresa May announced a snap election, hoping to ensure a conservative majority in parliament to lead Brexit negotiations.

May is expected to win the UK election despite polls narrowing.

Former FBI Director James Comey is set to testify before Congress for the first time later in the day to answer questions about Russian interference in the 2016 U.S. presidential election.

For comments and feedback: contact editorial@rttnews.com

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