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Forex News: Australian, NZ Dollars Higher After Strong China Data

Australian, NZ Dollars Higher After Strong China Data

01/04/2019 - 02:55:00 (RTTNews)

(RTTNews) - The Australian and New Zealand dollars strengthened against their major counterparts in the Asian session on Friday, following the release of a data showing continued expansion in Chinese service activity in December.

Survey from Caixin showed that China services PMI rose to 53.9 in December from 53.8 in November. The expected score was 53.

A reading above 50 indicates expansion, while a score below that shows contraction.

China is the largest trading partner of Australia and New Zealand.

Investors await the U.S. December jobs report, due later in the day for clues to the future direction of the world's largest economy.

U.S. employment is expected to increase by 177,000 jobs in December after rising by 155,000 jobs in November. The jobless rate is expected to hold at 3.7 percent.

Also in focus is speech from Federal Reserve Chairman Jerome Powell, who is due to participate in a joint discussion with former Fed Chairs Janet Yellen and Ben Bernanke.

The aussie advanced to 2-day highs of 0.7030 against the greenback and 76.23 against the yen, reversing from its early lows of 0.6994 and 75.24, respectively. The next possible resistance for the aussie is seen around 0.72 against the greenback and 77.5 against the yen.

The aussie climbed to a 2-day high of 1.6209 against the euro, from a low of 1.6306 hit at 8:00 pm ET. The aussie is likely to find resistance around the 1.60 level.

Reversing from its early lows of 1.0459 against the kiwi and 0.9431 against the loonie, the aussie edged up to 1.0502 and 0.9481, respectively. The aussie is poised to find resistance around 1.06 against the kiwi and 0.96 against the loonie.

The kiwi firmed to 2-day highs of 0.6707 against the greenback and 72.69 against the yen, from its early lows of 0.6676 and 71.84, respectively. If the kiwi rises further, 0.685 and 74.00 are possibly seen as its next resistance levels against the greenback and the yen, respectively.

The kiwi reversed from an early low of 1.7075 against the euro and appreciated to 1.6992. The kiwi is seen finding resistance around the 1.68 region.

Looking ahead, PMIs from major European economies, U.K. mortgage approvals data and Eurozone PPI for November and Eurozone flash CPI for December are due in the European session.

In the New York session, U.S. and Canadian jobs data for December are scheduled for release.

At 10:15 am ET, Federal Reserve Chair Jerome Powell participates in a panel discussion titled "Federal Reserve chairs: Joint Interview" at the American Economic Association's Annual Meeting in Atlanta.

At the same time, Federal Reserve Bank of Atlanta President Raphael Bostic will participate in a panel discussion titled "The Future of Traditional Banking" at the American Economic Association's Annual Meeting in Atlanta.

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