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Forex News: Commodity Currencies Climb Amid Rising Risk Appetite

Commodity Currencies Climb Amid Rising Risk Appetite

08/17/2018 - 03:25:00 (RTTNews)

(RTTNews) - The commodity currencies such as Australian, New Zealand and Canadian dollars climbed against their major counterparts in the Asian session on Friday amid rising risk appetite, as most Asian stock markets rose following the positive cues overnight from Wall Street with investor sentiment bolstered by upbeat corporate earnings results and optimism about U.S.-China trade talks.

Chinese delegation led by Vice Minister of Commerce Wang Shouwen is scheduled to meet US Treasury Undersecretary David Malpass to discuss economic and trade issues between both the nations later this month.

The Chinese Ministry of Commerce said that the talks will be focused on "economic and trade issues of mutual concern."

Data from Statistics New Zealand showed that New Zealand's producer price outputs rose 0.9 percent on quarter in the second quarter of 2018.

That follows the 0.2 percent increase in the three months prior.

The aussie advanced to 0.7280 against the greenback and 80.72 against the yen, from its early lows of 0.7253 and 80.43, respectively. On the upside, 0.74 and 82.00 are likely seen as the next resistance levels for the aussie against the greenback and the yen, respectively.

Reversing from an early low of 1.5672 against the euro, the aussie edged up to 1.5639. If the aussie rises further, 1.54 is seen as its next resistance level.

The aussie recovered to 1.1027 against the kiwi, from a low of 1.1015 hit at 10:55 pm ET. The aussie is poised to find resistance around the 1.12 level.

The kiwi climbed to 0.6602 against the greenback and 73.20 against the yen, reversing from its previous lows of 0.6580 and 72.96, respectively. The kiwi is seen finding resistance around 0.68 against the greenback and 75.00 against the yen.

The kiwi reversed from an early low of 1.7277 against the euro, rising to 1.7246. Next key resistance for the kiwi is seen around the 1.71 region.

Looking ahead, Eurozone current account for June and final consumer price inflation for July are due in the European session.

In the New York session, Canada CPI for July and University of Michigan's preliminary consumer sentiment index for August are scheduled for release.

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