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Forex News: NZ, Canadian Dollars Advance Amid Rising Risk Appetite

NZ, Canadian Dollars Advance Amid Rising Risk Appetite After China Data

04/17/2019 - 03:36:00 (RTTNews)

(RTTNews) - The New Zealand and Canadian dollars strengthened against their major counterparts in the Asian session on Wednesday amid rising risk appetite, as upbeat Chinese economic data helped ease worries about a global economic slowdown.

Data from the National Bureau of Statistics showed that China's gross domestic product or GDP expanded 6.4 percent in the first quarter of 2019 on a yearly basis, beating forecasts for an increase of 6.3 percent.

In addition, China's retail sales growth for March also beat expectations, while its fixed asset investment for the month rose in line with expectations.

The NZ dollar tumbled early in the session, after the nation's consumer prices grew less than forecast in the first quarter, raising hopes for a cut in interest rate.

Data from the Statistics New Zealand showed that New Zealand inflation rose 0.1 percent on quarter in the first quarter of 2019.

That was unchanged from the previous three months, although it was shy of expectations for a gain of 0.3 percent.

The kiwi rebounded to 0.6748 against the greenback, from a 3-1/2-month low of 0.6665 hit at 6:45 pm ET. This may be compared to a 2-day high of 0.6776 seen at 6:30 pm ET. The next possible resistance for the kiwi is seen around the 0.69 level.

Following a 2-month low of 74.64 set at 6:45 pm ET, the kiwi reversed direction with the pair trading at 75.46. The kiwi has set a 2-day high of 75.86 versus the yen at 6:30 pm ET. The kiwi is poised to find resistance around the 76.00 level.

The kiwi rose back to 1.6759 against the euro, off its early near 3-month low of 1.6915. The kiwi recorded a 6-day high of 1.6657 against the euro early in the trading session. If the kiwi rises further, 1.66 is possibly seen as its next resistance level.

The kiwi held steady against the aussie, after having rebounded from a 5-month low of 1.0728 hit at 6:45 pm ET. The pair finished yesterday's deals at 1.0606.

The loonie that ended yesterday's trading at 1.3349 against the greenback firmed to a 2-day high of 1.3326. The loonie is seen finding resistance around the 1.30 level.

The loonie recovered to 1.5069 against the euro, from a low of 1.5093 hit at 9:30 pm ET. The loonie has set a 2-day high of 1.5055 versus the euro at the beginning of today's trading. On the upside, 1.48 is possibly seen as the next resistance level for the loonie.

The loonie strengthened to a 2-day high of 84.02 versus the yen, following a low of 83.72 hit at 9:15 pm ET. Next key resistance for the loonie is seen around the 85.5 level.

The loonie staged a modest rebound to 0.9587 against the aussie, off its early 3-1/2-month low of 0.9615. This may be compared to a 2-day high of 0.9559 seen at 6:45 pm ET. The loonie is likely to challenge resistance around the 0.945 level.

Looking ahead, U.K. CPI and PPI for March, Eurozone trade data for February and final CPI for March are due in the European session.

In the New York session, U.S. and Canadian trade data for February, Canada CPI for March, U.S. wholesale inventories for February and Federal Reserve's Beige book report are scheduled for release.

For comments and feedback: contact editorial@rttnews.com

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