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Forex News: Australian, NZ Dollars Climb Amid Rising Risk Appetite

Australian, NZ Dollars Climb Amid Rising Risk Appetite

03/21/2019 - 03:14:00 (RTTNews)

(RTTNews) - The Australian and New Zealand dollars strengthened against their major counterparts in the Asian session on Thursday amid rising risk appetite, as the U.S. Federal Reserve left interest rates unchanged and also indicated no rate hikes for this year.

At the end of a two-day policy meeting on Wednesday, the Fed signaled that it will hold off further rate hikes this year, reflecting economic slowdown and risks stemming from Brexit and trade negotiations.

Data from the Australian Bureau of Statistics showed that Australia's jobless rate came in at a seasonally adjusted 4.9 percent in February, beneath expectations for 5.0 percent, which would have been unchanged from the January reading.

The Australian economy added 4,600 jobs in February, shy of forecasts for the addition of 15,000 jobs following the gain of 38,300 jobs in the previous month.

The aussie advanced to more than a 3-week high of 0.7168 against the greenback and 3-day high of 79.35 against the yen, from its early low of 0.7113 and a weekly low of 78.71, respectively. The next possible resistance for the aussie is seen around 0.73 against the greenback and 80.00 against the yen.

The aussie reversed from its early lows of 1.6047 against the euro and 0.9456 against the loonie, rising to a 2-day high of 1.5949 and a 1-1/2-month high of 0.9521, respectively. On the upside, 1.57 and 0.96 are likely seen as its next resistance levels against the euro and the loonie, respectively.

The aussie recovered to 1.0344 against the kiwi, from an early 8-day low of 1.0298, and held steady thereafter. The aussie is seen finding resistance around the 1.05 region.

The NZ currency spiked up to near a 2-month high of 0.6939 against the greenback, 8-day high of 1.6471 against the euro and more than 3-month high of 76.78 against the yen, off its early low of 0.6868, 2-week low of 1.6624 and a 10-day low of 75.91, respectively. If the kiwi extends rise, 0.71, 1.62 and 78.00 are possibly seen as its next resistance levels against the greenback, the euro and the yen, respectively.

Looking ahead, at 4:30 am ET, the Swiss National Bank announces its policy decision. Economists widely expect the target range for the three-month Libor to be left between -1.25 percent and -0.25 percent.

In the European session, U.K. retail sales and public sector finance data for February are due.

The Bank of England's interest rate decision is scheduled for release at 8:00 am ET. Economists widely forecast the interest rate to be kept at 0.75 percent and asset purchase program at GBP 435 billion.

Canada wholesale sales for January, U.S. weekly jobless claims for the week ended March 16 and leading index for February will be released in the New York session.

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