Forex News: Antipodean Currencies Rise Amid Risk-Appetite

Antipodean Currencies Rise Amid Risk-Appetite

(RTTNews) - The antipodean currencies such as the Australia and the New Zealand dollars strengthened against their major currencies in the Asian session on Friday amid risk-appetite, as traders are optimistic the US Fed will hold rates this month and potentially in September after the release of U.S. jobless data that showed employment in the U.S. increased by much less than expected in the month of June.

The June jobs report served as a reality check for the economy and challenged the narrative that the Fed may hike rates in the second half of this year.

Markets also cheered signs of improved shipping activity through the Strait of Hormuz and progress in U.S.-Iran peace talks to end the Middle East unrest.

Crude oil prices inched higher on Thursday after the U.S. and Iran expressed contradictory remarks over the management of the Strait of Hormuz. West Texas Intermediate crude for August delivery was up $0.05 or 0.07 percent at $68.63 per barrel.

In economic news, data from S&P Global showed that the services sector in Australia moved into expansion territory in June, the latest survey revealed on Friday with a services PMI score of 50.5.

That's up from 48.7 in May and it moves above the boom-or-bust line of 50 that separates expansion from contraction.

The survey also showed that China's service sector continued to expand in June as new work posted strong growth, while cost pressures eased since May. The headline RatingDog services Purchasing Managers' Index fell to 54.1 in June from 54.4 in the previous month. The reading was expected to decline to 53.0.

The survey showed that the composite output index eased to 53.6 in June from 54.0 in May, signaling another solid expansion in business activity in China.

In the Asian trading today, the Australian dollar rose to near 2-week highs of 0.6950 against the U.S. dollar and 0.9848 against the Canadian dollar, from yesterday's closing quotes of 0.6916 and 0.9814, respectively. If the aussie extends its uptrend, it is likely to find resistance around 0.71 against the greenback and 0.99 against the loonie.

Against the yen and the euro, the aussie edged up to 111.80 and 1.6488 from Thursday's closing quotes of 111.66 and 1.6517, respectively. The aussie may test resistance around 115.00 against the yen and 1.63 against the euro.

The NZ dollar rose to near 2-week highs of 0.5727 against the U.S. dollar and 2.0006 against the euro, from yesterday's closing quotes of 0.5692 and 2.0068, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 0.59 against the greenback and 1.98 against the euro.

Against the yen and the Australian dollar, the kiwi advanced to 92.11 and 1.2132 from Thursday's closing quotes of 91.90 and 1.2150, respectively. The kiwi is likely to find resistance around 94.00 against the yen and 1.20 against the aussie.

U.S. stock markets remain closed in observance of U.S. Independence Day holiday.

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