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Forex News: Commodity Currencies Rise As Oil Prices Advance

Commodity Currencies Rise As Oil Prices Advance

06/13/2017 - 03:20:00 (RTTNews)

(RTTNews) - Commodity currencies such as the Australian, the New Zealand and the Canadian dollars strengthened against their major counterparts in the Asian session on Tuesday amid crude oil prices rise. Oil producing countries are making significant efforts to alleviate supply glut, although data from U.S. showed further signs of robust U.S. production. Crude oil delivery for July is currently up by 0.25 percent or $46.33 per barrel.

The oil producing countries such as the Saudi Arabia and the Russia are taking efforts to cut excess oil production to balance the global oil market.

Meanwhile, traders looked ahead to the Federal Reserve's monetary policy announcement scheduled on Wednesday.

In other economic news, data from National Australia Bank showed that the Australia's business confidence index fell to 7.0 in May from 13.0 in April, which was the highest score since 2010. At the same time, business conditions remained at an elevated level in May, though the corresponding index dropped slightly to 12.0 from 13.0 in April.

In the Asian trading, the Australian dollar rose to a 4-week high of 1.4801 against the euro, from yesterday's closing value of 1.4856. The aussie may test resistance near the 1.46 region.

Against the U.S. dollar and the yen, the aussie advanced to a 6-day high of 0.7565 and a 4-day high of 83.23 from yesterday's closing quotes of 0.7541 and 82.90, respectively. If the aussie extends its uptrend, it is likely to find resistance around 0.77 against the greenback and 84.00 against the yen.

The NZ dollar rose to a 3-1/2-month high of 0.7227 against the U.S. dollar and a 4-day high of 1.5484 against the euro, from yesterday's closing quotes of 0.7199 and 1.5561, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 0.73 against the greenback and 1.52 against the euro.

Against the yen and the Australian dollar, the kiwi advanced to 79.49 and 1.0454 from yesterday's closing quotes of 79.13 and 1.0474, respectively. On the upside, 80.00 against the yen and 1.03 against the aussie are seen as the next resistance levels for the kiwi.

The Canadian dollar rose to nearly a 5-week high of 1.4857 against the euro and nearly a 3-week high of 82.89 against the yen, from yesterday's closing quotes of 1.4922 and 82.49, respectively. If the loonie extends its uptrend, it is likely to find resistance around 1.47 against the euro and 83.00 against the yen.

Against the U.S. and the Australian dollars, the loonie advanced to nearly a 2-month high of 1.3274 and an 8-day high of 1.0034 from yesterday's closing quotes of 1.3324 and 1.0047, respectively. The loonie may find resistance around 1.31 against the greenback and 0.99 against the aussie.

Looking ahead, U.K. consumer price, producer price and retail price indexes for May, house price index for April and German ZEW economic sentiment index for June are due to be released later in the day. At 6:00 am ET, European Central Bank board member Sabine Lautenschlager is expected to participate in panel "Regulation" at 2017 International Monetary Conference in London, United Kingdom.

In the New York session, U.S. PPI for May and U.S. NFIB small business index for May are set to be published.

At 10:20 am ET, Bank of England Director for Banknotes and Chief Cashier Victoria Cleland will participate in the ATM & Cash Innovation Europe 2017, in London.

For comments and feedback: contact editorial@rttnews.com

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