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Forex News: Australian, New Zealand Dollars Climb Amid Risk Appetite

Australian, New Zealand Dollars Climb Amid Risk Appetite

09/02/2022 - 06:50:00 (RTTNews)

(RTTNews) - The Australian and New Zealand dollars advanced against their major counterparts in the European session on Friday, ahead of a key U.S. jobs report that may help determine the size of the upcoming Federal Reserve rate hike.

Economists expect employment to rise by 300,000 jobs in August, after a gain of 528,000 jobs last month.

The unemployment rate is expected to remain unchanged at 3.5 percent.

Oil prices rose as G7 finance ministers will be meeting today to decide on a plan for capping the price of Russian oil.

OPEC and its allies will meet next week amid expectations for a reduction in output to boost oil prices.

The aussie advanced to 0.6812 against the greenback and 0.8956 against the loonie, off its early lows of 0.6779 and 0.8922, respectively. The currency is likely to find resistance around 0.71 against the greenback and 0.92 against the loonie.

The aussie was up against the yen, at a 3-day high of 95.59. Next key resistance for the aussie is seen around the 98.00 area.

The aussie recovered 1.4652 against the euro, from a low of 1.4706 seen at 3:30 am ET. If the currency rises further, it may find resistance around the 1.43 level.

The kiwi recovered to 1.6381 against the euro and 0.6093 against the greenback, after falling to 1.6468 and more than a 2-year low of 0.6050, respectively in early deals. The kiwi is poised to test resistance around 1.60 against the euro and 0.62 against the greenback.

The kiwi rose to 85.53 against the yen, setting a 3-day high. On the upside, 89.00 is possibly seen as its next resistance level.

The kiwi rebounded modestly against the aussie and was trading at 1.1172. This may be compared to an 8-day high of 1.1157 seen in the Asian session. The next possible resistance for the kiwi is seen around the 1.10 level.

Looking ahead, U.S. jobs data for August and factory orders for July will be released in the New York session.

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