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Forex News: NZ Dollar Climbs Amid Risk Appetite

NZ Dollar Climbs Amid Risk Appetite

05/08/2017 - 03:15:00 (RTTNews)

(RTTNews) - The New Zealand dollar advanced against the other major counterparts in the Asian session on Monday, as victory of pro-European centrist candidate Emmanuel Macron over the far-right Marine Le Pen in French presidential election lifted investor sentiment.

After winning some 66 percent of the vote, Macron vowed to heal the social divisions exposed by France's acrimonious election campaign.

Oil prices were buoyed by comments from Saudi Arabia energy minister Khalid Falih, who hinted at the possibility of extending OPEC-led production cuts after the end in June.

Investors also cheered upbeat corporate earnings and strong jobs report from the U.S. on Friday that reinforced expectation that the economy is on a solid footing to withstand higher interest rates.

Data from the customs administration showed that China's exports and imports increased notably in April.

Exports advanced 14.3 percent year-on-year in yuan terms in April, whereas imports grew 18.6 percent. As a result, the trade surplus totaled CNY 262.3 billion

The kiwi rose against its major rivals on Friday. It added 0.8 percent against the yen and 0.7 percent each against the greenback, the euro and the aussie for the day.

The NZ dollar rose to a 4-day high of 1.5829 against the euro and more than a 5-week high of 78.19 against the yen, from Friday's closing quotes of 1.5872 and 77.92, respectively. The next possible resistance for the kiwi is seen around 1.54 against the euro and 79.00 versus the yen.

The kiwi advanced to near a 3-week high of 1.0686 versus the aussie, from Friday's closing value of 1.0707. If the kiwi extends gain, 1.05 is possibly seen as its next resistance level.

The latest survey figures from National Australia Bank showed Australia's business confidence strengthened notably in April to the highest level in seven years.

The business confidence index rose to 13.0 in April from 6.0 in the previous month. Moreover, this was the highest score since 2010.

The kiwi strengthened to a 5-day high of 0.6934 against the greenback, compared to 0.6916 hit late New York Friday. The kiwi is seen finding resistance around the 0.70 area.

Looking ahead, U.K. Halifax house price index for April and Eurozone sentix investor sentiment index for May are due in the European session.

At 8:15 am ET, Canada housing starts for April are set for release.

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