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Forex News: Australian, NZ Dollars Advance As Lagarde Nominated As

Australian, NZ Dollars Advance As Lagarde Nominated As ECB Chief

07/03/2019 - 06:39:00 (RTTNews)

(RTTNews) - The Australian and the New Zealand dollars climbed against their major counterparts in the European session on Wednesday, as the nomination of IMF Managing Director Christine Lagarde as the next President of the European Central Bank fueled risk appetite.

Lagarde is expected to be broadly dovish on monetary policy while pressing fiscal authorities to play a more active role in promoting growth.

Lagarde would succeed Mario Draghi when his term expires at the end of October.

Data from the Australian Bureau of Statistics showed that Australia's trade surplus increased more than expected in May on higher exports.

The trade surplus rose to a seasonally adjusted A$5.74 billion in May from A$4.82 billion in April. Economists had forecast the surplus to rise to A$5.25 billion.

Survey from the Australian Industry Group showed that Australia Service Sector continued to expand in June, albeit at a slower pace, with a Performance of Service Index score of 52.2.

That's down from 52.5 in May, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

The aussie and the kiwi showed mixed trading against their major counterparts in the Asian session. The kiwi rose against the greenback and the euro, but fell against the yen.

The aussie weakened against the yen and the kiwi, while it held steady against the greenback. Against the euro, it advanced.

The aussie strengthened to 2-day highs of 0.7016 against the greenback and 0.9193 against the loonie, from its early lows of 0.6986 and 0.9152, respectively. The next possible resistance for the aussie is seen around 0.73 against the greenback and 0.935 against the loonie.

Reversing from its early low of 1.0459 against the kiwi and a weekly low of 75.13 against the yen, the aussie edged higher to 1.0491 and 75.58, respectively. On the upside, 1.06 and 77.5 are likely seen as the next resistance levels for the aussie against the kiwi and the yen, respectively.

The aussie firmed to near a 4-week high of 1.6088 against the euro, following a decline to 1.6166 at 9:15 pm ET. If the aussie continues its rise, 1.57 is possibly seen as its next resistance level.

Simultaneously, the kiwi appreciated to a 2-day high of 0.6692 against the greenback and a 2-month high of 1.6864 against the euro, reversing from its previous lows of 0.6667 and 1.6922, respectively. Next key resistance for the kiwi is likely seen around 0.68 against the greenback and 1.66 against the euro.

The kiwi advanced to 72.08 against the yen, from a weekly low of 71.78 seen at 9:30 pm ET. On the upside, 76.00 is likely seen as the next resistance level for the currency.

Looking ahead, at 8:15 am ET, ADP private payrolls for June will be released.

In the New York session, U.S. and Canadian trade data for May, U.S. weekly jobless claims for the week ended June 29, factory orders for May and ISM non-manufacturing composite index for June will be out.

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