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Forex News: Australian, NZ Dollars Rise Amid Risk Appetite

Australian, NZ Dollars Rise Amid Risk Appetite

09/06/2019 - 03:28:00 (RTTNews)

(RTTNews) - The Australian and New Zealand dollars strengthened against their major counterparts in the Asian session on Friday, as Asian shares rose amid optimism that U.S.-China trade tensions could be easing and as upbeat U.S. payroll data eased worries about economic growth.

Investors now look ahead to the release of U.S. jobs data for August due later in the day.

Employment is expected to increase by 158,000 jobs in August after climbing by 164,000 jobs in July. The unemployment rate is expected to hold at 3.7 percent.

Traders are also likely to keep an eye on remarks by Federal Reserve Chairman Jerome Powell on the economy and monetary policy.

Survey from the Australian Industry Group showed that Australia's construction sector continued to contract in August, albeit at a slower pace, with a Performance of Construction Index score of 44.6.

That's up sharply from 39.1 in July, although it still remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

The aussie rose to 0.6824 against the greenback, 73.06 against the yen and 1.6170 against the euro, from its early lows of 0.6807, 72.82 and 1.6204, respectively. The currency is likely to find resistance around 0.71 against the greenback, 74.5 against the yen and 1.60 against the euro.

The kiwi advanced to 0.6391 against the greenback and 1.0671 against the aussie, off its early lows of 0.6364 and 1.0706, respectively. The next possible resistance for the kiwi is seen around 0.66 against the greenback and 1.05 against the aussie.

The kiwi strengthened to more than a 2-week high of 68.41 against the yen, from a low of 68.06 hit at 5:30 pm ET. On the upside, 71.00 is likely seen as the next resistance level for the kiwi.

The kiwi that closed Thursday's trading at 1.7310 against the euro appreciated to more than a 2-week high of 1.7265. If the kiwi rises further, 1.70 is likely seen as its next resistance level.

Looking ahead, Eurozone GDP and employment data for the second quarter are set for release in the European session.

The U.S. and Canadian jobs data and Canada Ivey PMI - all for August will be featured in the New York session.

For comments and feedback: contact editorial@rttnews.com

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