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 Asian session on Tuesday amid increased risk-on mood by the investors, on reports that Israel and Iran have agreed to a "complete and total ceasefire" to be phased in over 24 hours. U.S. Fed Vice Chair Michelle Bowman said she favored a rate cut "as soon" as July if inflationary pressures remain contained.

U.S. Fed Governor Christopher Waller also said he doesn't expect tariffs to boost inflation significantly and that there is room for a rate cut as early as July.

Additionally, reports of potential tariff reductions between the U.S. and China helped ease market anxieties. In the Asian trading today, the Australian dollar rose to 5-day highs of 0.6499 against the U.S. dollar and 0.8917 against the Canadian dollar, from yesterday's closing quotes of 0.6477 and 0.8893, respectively. If the aussie extends its uptrend, it is likely to find resistance around 0.66 against the greenback and 0.90 against the loonie.

Against the yen, the aussie edged up to 94.53 from an early low of 94.26. On the upside, 96.00 is seen as the next resistance level for the aussie.

The aussie advanced to 1.7859 against the euro, from Monday's closing value of 1.7907. The aussie is likely to find resistance around the 1.75 region.

The NZ dollar rose to 5-day highs of 0.6034 against the U.S. dollar and 87.55 against the yen, from yesterday's closing quotes of 0.5994 and 87.46, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 0.61 against the greenback and 89.00 against the yen.

Against the euro and the Australian dollar, the kiwi advanced to 1.9257 and 1.0793 from Monday's closing quotes of 1.9350 and 1.0793, respectively. On the upside, 1.89 against the euro and 1.07 against the aussie are seen as the next resistance levels for the kiwi.

Looking ahead, the ifo Institute is set to release Germany's business sentiment survey data for June and the Confederation of British Industry publishes Industrial Trends survey results for June are slated for release in the European session.

In the New York session, U.S. house price index for April, U.S. Consumer Board's consumer confidence for June and U.S. Richmond Fed manufacturing index for June are set to be published.

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