Forex News: Antipodean Currencies Rise Amid Risk-on Mood

Antipodean Currencies Rise Amid Risk-on Mood

(RTTNews) - The antipodean currencies such as the Australia and the New Zealand dollars strengthened against their major currencies in the European session on Tuesday, as some calm returned to markets even as trade tensions escalated with Beijing saying that the U.S. threat to escalate tariffs against China is a 'mistake on top of a mistake' and amounts to blackmail.

U.S. President Donald Trump has reaffirmed Washington's new tariff policy but signaled his willingness to engage in dialogue with countries seeking more favorable trade terms.

"There could be permanent tariffs and there could also be negotiations... we're going to get fair deals and good deals with every country - and if we don't, we're going to have nothing to do with them," Trump said during a meeting with Israeli Prime Minister Benjamin Netanyahu.

Meanwhile, Trump threatened to impose an additional 50 percent tariff on Chinese goods unless the country withdraws its new 34 percent tariff on U.S. goods.

He also threatened to terminate negotiations with China and said that "tough but fair parameters are being set" for trade talks with other countries.

In the European trading today, the Australian dollar rose to 1.8028 against the euro and 89.60 against the yen, from early lows of 1.8303 and 88.25, respectively. If the aussie extends its uptrend, it is likely to find resistance around 1.70 against the euro and 95.00 against the yen.

Against the U.S., the Canada and the New Zealand dollars, the aussie edged up to 0.6075, 0.8610 and 1.0833 from early lows of 0.5978, 0.8500 and 1.0793, respectively. The aussie may test resistance around 0.64 against the greenback, 0.91 against the loonie and 1.11 against the kiwi.

The NZ dollar rose to 0.5624 against the U.S. dollar and 82.86 against the yen, from early lows of 0.5535 and 81.64, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 0.58 against the greenback and 88.00 against the yen.

Against the euro, the kiwi edged up to 1.9502 from an early low of 1.9772. On the upside, 1.86 is seen as the next resistance level for the euro.

Looking ahead, U.S. NFIB Business Optimism Index for March, U.S. Redbook report and Canada Ivey PMI data for March are slated for release in the New York session.

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