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Forex News: Australian, NZ Dollars Advance Amid Risk Appetite

Australian, NZ Dollars Advance Amid Risk Appetite

01/07/2019 - 02:48:00 (RTTNews)

(RTTNews) - The Australian and New Zealand dollars climbed against their most major counterparts in the Asian session on Monday, as Asian shares rose following a strong close on Wall Street Friday, as upbeat U.S. jobs data for the month of December and optimism about U.S.-China trade talks this week boosted sentiment.

Sentiment lifted up after the Labor Department report showed much stronger than expected job growth in the month of December.

The U.S. economy created 312,000 jobs in December, while wage growth accelerated at an annual pace of 3.2 percent, the data showed.

Investors awaited the resumption of trade talks between the U.S and China later day, which could ease tensions between the two biggest economies in the world.

In economic news, the latest survey from the Australia Industry Group revealed that the manufacturing sector in Australia slipped into contraction in December, with a Performance of Manufacturing Index score of 49.5.

That's down from 51.3 in November, and it falls beneath the boom-or-bust line of 50 that separates expansion from contraction. It's also the first time in 26 months that the index has failed to expand.

The aussie advanced to near 3-week highs of 0.7138 against the greenback and 1.5997 against the euro, from its early lows of 0.7109 and 1.6036, respectively. The next possible resistance for the aussie is seen around 0.73 against the greenback and 1.56 against the euro.

The Australian currency firmed to more than a 3-week high of 1.0581 against the kiwi and held steady thereafter. At last week's close, the pair was worth 1.0559.

The aussie that closed last week's deals at 0.9513 against the loonie rose to 0.9535 at the beginning of today's trading. The pair held steady thereafter.

On the flip side, the aussie reversed from an early weekly high of 77.37 against the yen, with the pair trading at 77.10. The aussie is poised to find support around the 75.5 level.

Data from the Bank of Japan showed that Japan monetary base rose 4.8 percent on year in December, coming in at 504.2 trillion yen.

That was well shy of forecasts for 5.8 percent and down sharply from 6.1 percent in November.

The kiwi appreciated to more than a 2-week high of 0.6756 against the greenback, from a low of 0.6726 hit at 5:00 pm ET. The kiwi is likely to find resistance around the 0.685 level.

The kiwi climbed to 1.6887 against the euro and held steady in later part of the session. The pair finished Friday's trading at 1.6911.

Meanwhile, the kiwi was trading lower at 72.99 against the yen, down from an early high of 73.21. If the kiwi falls further, 71.00 is possibly seen as its next support level.

Looking ahead, German construction PMI for December, Eurozone retail sales for November and Sentix investor confidence index for January are due in the European session.

In the New York session, Canada Ivey PMI and U.S. ISM services PMI for December are scheduled for release.

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