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Forex News: Australian, NZ Dollars Advance Amid Rising Risk Appetite

Australian, NZ Dollars Advance Amid Rising Risk Appetite

03/24/2020 - 02:49:00 (RTTNews)

(RTTNews) - The Australian and New Zealand dollars climbed against their major counterparts in the Asian session on Tuesday, as most Asian shares rose amid optimism about more stimulus measures by central banks and governments to the combat the impact of the coronavirus pandemic on the global economy.

Investor sentiment received a boost after the U.S. Federal Reserve announced extensive new measures, including an unlimited expansion of its asset purchases, to support the world's largest economy during the coronavirus pandemic.

Banks borrowed a total of $89.3 billion (76.69 billion pounds) from the central bank's one-week dollar funding operation amid virus-led disruptions, the Bank of Japan said.

The borrowing was well beyond its previous record of $50.2 billion, hit during the 2008 global financial crisis.

Flash survey data from IHS Markit showed that Australia's private sector output declined sharply in March.

The Commonwealth Bank of Australia composite output index fell to 40.7 in March from 49.0 in February. A score below 50 indicates contraction in the sector.

The aussie advanced to 4-day highs of 0.5945 against the greenback and 1.8169 against the euro, from its early lows of 0.5812 and 1.8459, respectively. The aussie is likely to find resistance around 0.70 against the greenback and 1.61 against the euro.

Reversing from its early lows of 64.64 against the yen and 0.8430 against the loonie, the aussie spiked up to a 1-week high of 65.64 and a 5-day high of 0.8563, respectively. The next possible resistance for the aussie is seen around 75.00 against the yen and 0.90 against the loonie.

The aussie edged up to 1.0256 against the kiwi, from a low of 1.0197 seen at 5:00 pm ET. If the aussie extends rise, 1.06 is possibly seen as its next resistance level.

The kiwi strengthened to 4-day highs of 0.5806 against the greenback, 64.11 against the yen and 1.8602 against the euro, off its early lows of 0.5684, 63.21 and 1.8868, respectively. The kiwi is poised to test resistance around 0.64 against the greenback, 69.00 against the yen and 1.72 against the euro.

Looking ahead, PMI reports from major European economies are due in the European session.

In the New York session, U.S. new home sales for February are scheduled for release.

For comments and feedback: contact editorial@rttnews.com

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